India’s Ministry of Steel has sold 10% of the paid-up equity capital of state-controlled National Mineral Development Corporation (NMDC) – the country’s largest iron ore miner – for approximately US$1.1 billion. The transaction was conducted through an offer for sale (OFS), a regulated securities transaction designed to help majority shareholders of Indian public companies to reduce their shareholdings to 75% to meet new regulatory requirements. Shares were sold on the National Stock Exchange of India and the Bombay Stock Exchange.
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