MMTC’s Offer For Sale (OFS) drawing strong investors response was oversubscribed by 1.55 times as the issue attracted bids for 14.42 crore shares against 9.33 crore shares on offer by the close of market hours, according to data on BSE. The indicative price was Rs 60.86 apiece, higher than the base or minimum offer price of Rs 60 a share. At the indicative price, the stake sale would fetch the exchequer over Rs 567.82 crore.
The Empowered Group of Ministers (EGoM) on disinvestment headed by Finance Minister P Chidambaram yesterday approved the 9.33 crore shares stake sale of the trading giant through the OFS route. The stake sale would help the company meet the 10 per cent minimum public shareholding norm of market regulator SEBI.
