The government’s offer-for-sale to offload 9.33% stake in trading giant MMTC is expected to hit the markets on March 14. In this regard, the Empowered Group of Ministers (EGoM), headed by Finance Minister P Chidambaram, is scheduled to meet on March 12. The EGoM will take decision on the floor price for the proposed stake sale.
With offloading MMTC’s stake, the government will garner about Rs 300 crore. Government has shortlisted three merchant bankers, including IDFC, for selling over 9.33 crore shares or 9.33% of its stake in MMTC in the current fiscal through an Offer for Sale (OFS).
MMTC is major global player in the minerals trade and is the single largest exporter of minerals from India. With its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.
| Company Name | CMP |
|---|---|
| Redington | 234.90 |
| Adani Enterprises | 2218.35 |
| Amrapali Industries | 17.53 |
| Rashi Peripheral | 455.25 |
| PDS | 301.45 |
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