The government is planning to offload over 93.3 million shares or 9.33% of its stake in MMTC through an offer for sale (OFS) during current month or early next month. The stake sale would enable the company to meet minimum 10% public holding norm stipulated by market regulator Securities and Exchange Board of India (SEBI).
Last month, the empowered Group of Ministers (EGoM) had deferred the decision on concerns over valuation of the company’s equity. The issue was originally planned to hit the markets on March 14, 2013.
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.
