Shares of NMDC declined over two percent in early trade on Tuesday after the government proposed to sell a four percent stake in the company through an offer for sale (OFS).

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The floor price for the offer shall be Rs 165 per equity share, NMDC informed the stock exchanges.

The Government of India has proposed to sell up to 11,72,24,234 equity shares of NMDC (representing four percent of the total paid-up equity), with an option to additionally sell 10,22,78,144 equity shares (3.49 percent) in case of oversubscription, via offer for sale, on July 6-7, the state-owned miner said.

Read here: Govt to sell up to 4% stake in NMDC via OFS; fixes floor price of Rs 165 per share

The President of India, acting through and represented by the Ministry of Steel, Government of India, is the promoter of NMDC Ltd. The President holds a 68.29 percent stake in the company.

At 9:55 am, the shares of NMDC were trading 0.77 percent lower at Rs 173.95 apiece on the BSE.

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