The government will sell up to 7.49% equity in NMDC Ltd through an offer for sale on Tuesday where 3.49% will be sold through a green-shoe option. At floor price of Rs 165 per share, the government expects to raise over Rs 3,620 crore from the sale which will be open for retail as well as non-retail investors. "Offer for sale in NMDC opens tomorrow for non-retail investors, retail investors can bid on Wednesday. Government would divest 4% equity with a 3.49% green shoe option," department of investment and public asset management ( DIPAM ) secretary TK Pandey said in a Twitter post Monday. With the divestment, the government will end up reducing its stake to 60.8% in the iron-ore producer. The floor price for selling a total of 117.2 million shares has been set at a 6% discount from closing price on Monday. NMDC's scrip closed at Rs 175.3 on the Bombay Stock Exchange.