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ALMT Amarchand Cleary and Morrison lead on Government of Indias stake sale in NMDC
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ALMT Amarchand Cleary and Morrison lead on Government of Indias stake sale in NMDC

Bar & Bench

The Government of India has sold 10 per cent stake in National Mineral Development Corporation (NMDC) pursuant to an Offer for Sale (OFS) through the Stock Exchange Mechanism for Rs. 5,913.79 crore. This is the second largest OFS by the Government of India (the largest being the ONGC OFS).

ALMT Legal acted as the domestic legal counsel to the Seller with a team led by Bangalore Partners Dhanya Menon and Rajat Bopaiah along with Senior Associate Arita Chatterjee.

Morrison Cohen LLP acted as the international legal counsel to the Seller with a team led by Partner Richard Baumann.

Amarchand Mangaldas acted as the counsel to the brokers – Citigroup Global Markets India, DSP Merrill Lynch, Goldman Sachs (India) Securities, Axis Capital and ICICI Securities. Amarchand team was led by Partner Prashant Gupta along with Principal Associate Aarti Joshi, Principal Associate Designate Sayantan Dutta and Senior Associate Manjari Tyagi.

Cleary Gottlieb Steen & Hamilton LLP acted as the international legal counsel to the brokers with a team led by Partner Sebastian Sperber along with Associate Malini Mukhopadhyay.

Prior to the transaction, the Seller held 90 per cent stake in NMDC. The sale was conducted on the floors of the BSE and the NSE on December 12, 2012.