NEW DELHI: State-run trading firm MMTC on Thursday said the government will sell 15% stake in the company later this year as part of a move to reduce its holding in the PSU to 75% and also mop up around Rs 800 crore from the stake sale.
"We are ready for it. It is for the government to decide the timing," MMTC chairman and managing director Ved Prakash said at a press conference. The company's shares closed 2.4% lower at Rs 52.9 on the BSE but based on the current market capitalization, the sale through an auction on the stock exchanges is expected to garner a tad lower than Rs 800 crore for the government. The government currently holds 89.9% stake in MMTC and Sebi has made it compulsory for listed companies to have a mandatory 25% public holding.
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