Awaiting state-run trading firm’s audited earnings for the 2012-13 fiscal, the government has reportedly deferred a decision of offloading 9.33% stake in MMTC till July. The stake sale, which was originally scheduled to be held in March, has been deferred until the April-June quarter to find the true valuation of MMTC’s equity, which could be gauged once the company reports its audited earnings for 2012-13.
The government is expecting to raise Rs 250-300 crore through MMTC's stake sale, essential to meet the minimum 10% public holding norm stipulated by the market regulator SEBI. Nevertheless, the final call on base price of the MMTC stake sale will be taken by the Empowered Group of Ministers (EGoM), headed by the Finance Minister P Chidambaram.
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 | 227.50 |
| Adani Enterprises | 2228.00 |
| Amrapali Industries | 17.36 |
| Rashi Peripheral | 474.40 |
| PDS | 294.40 |
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