nmdc share price: NMDC climbs 6% as MCA approval likely for Nagarnar steel plant demerger

Shares of climbed 6 per cent on Tuesday amid an ET NOW report that suggested the company may receive MCA approval for NMDC Nagarnar steel plant demerger in the August 25 meeting.

The stock rose 5.86 per cent to close at Rs 119.30 on BSE.

Shareholders and lenders have already approved the demerger of the steel plant.

DIPAM aims to sell its stake in Nagarnar steel plant post demerger. Cabinet has already approved the demerger of Nagarnar steel plant and sale of government stake in it. The steel plant will be a separate company after the demerger.

Earlier, NMDC, in its annual report, suggested that the demerger of its 3-mt steel plant in Chhattisgarh to complete in the current year, as its application for demerger has been accepted by the Ministry of Corporate Affairs (MCA), and as directed by it, NMDC also held the meetings of unsecured creditors and shareholders in June 2022.

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