NMDC demerger: Bid for sale of steel unit likely to start in December

NMDC demerger: Major steel companies like JSW Steel, POSCO, Jindal Steel and ArcelorMittal are likely to bid for the NMDC, a Zee Business channel report said. The bidding process will start in December. NMDC is a PSU iron-ore miner. The government has plans to demerge its steel unit.

A final observation letter has been issued by the Ministry of Corporate Affairs and a return order is likely to be issued by the last week of September, according to Zee Business reporter Tarun Sharma.

After the return order, the company will get 45 days’ time for listing. The steel plant value will be subtracted from NMDC and then it will be listed.

The listing of the steel business after demerger will likely be completed by mid-November, he said.

He added the valuation of the Nagarnar steel plant is expected to come around Rs 19,000-21,000 crores.

After the final return order which is expected by September last week ie before September 30, the company will then call a board meeting, and then the demerger stocks will be listed in 45 days ie till November second week. After the whole process, the financial bid will be open for companies.

Anil Singhvi’s view on NMDC:
Anil Singhvi expects the stock prices of NMDC to reach Rs 140-145. He said that NMDC’s market cap is around Rs 34,000-35,000 crores amongst which 20,000-21,000 crores will be of Nagarnar steel plant and the remaining 14,000 crores in which 8,000 crores will be a cash equivalent. The company makes 3,000 crores cash profit.

Furthermore, albeit metal stocks are underperforming, NMDC’s share price is still expected to reach Rs 140-150 in maximum a month or in a month and a half, and a 10 per cent return is a good gain. Singhvi recommends holding the stock.

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