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Shares of NMDC have surpassed 5% in the last 15 minutes today on the back of sinking news

 Shares of state-owned iron ore company NMDC rose 5 per cent to Rs 174.70 per share in intraday trading on BSE on Tuesday amid reports of demerger. By 03:15 the stock was trading at around 166-167 per share level until the company filed a statement to the exchanges.

"The Board of Directors of NMDC Limited in its meeting held today, the 13th July, 2021 has approved the scheme of arrangement for demerger between NMDC Limited ("Demerger Company") and NMDC Steel Limited ("Consultant Company"). NMDC said in a filing to the exchanges on Tuesday.

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The scheme is subject to necessary statutory and regulatory approvals, including approvals from market regulator Securities and Exchange Board of India, stock exchanges, Ministry of Corporate Affairs, Government of India and concerned shareholders and creditors, the company added.

"The dissolved undertaking shall be vested in NMDC Steel Limited as per demerger. The entire share capital of NMDC Steel Limited held by NMDC Limited shall be canceled and fresh equity shares of NMDC Steel Limited (in the manner prescribed in the Scheme) shall be issued to all the shareholders of NMDC Limited in the same proportion. ,' it said.

NMDC Limited is a Government company and is engaged in exploration of wide range of minerals including iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite and beach sand.

Whereas, NMDC Steel is a wholly owned subsidiary of NMDC Limited. NMDC Steel currently does not have any business operations. It is authorized by its Memorandum of Association to manufacture, prospect, mobilize, operate, purchase, sell, import, export or otherwise carry on business in various categories of steel and iron ore.

The stock was trading muted throughout the session, however, rallied after the filing and closed nearly 4 per cent higher at Rs 172.05 per share on the BSE as compared to 0.76 per share in the BSE Sensex.

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