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Govt plans to divest 10 % stake in MMTC

Govt plans to divest 10 % stake in MMTC
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First Published: Mon, Dec 14 2009. 04 33 PM IST
Updated: Mon, Dec 14 2009. 04 33 PM IST
New Delhi: The government plans to sell off 10% in trader MMTC, in line with a decision to float at least a tenth in state-run firms, the junior trade minister told Parliament on Monday.
The government holds 99.34% in MMTC. At the current market prices, the sale will fetch Rs178.55 billion.
By 3.13pm, shares in MMTC were trading 5.7% higher on the day at Rs35,715 in a weak Mumbai market.
“The decision has been informed to department of disinvestment who are preparing roadmap for divesture for the year 2009/10,” Jyotiraditya Scindia told Parliament in a written response to a lawmaker’s question.
The government had taken a decision to cap its holdings in listed state-run firms at 90% and sell stakes in firms in which its shares were over this limit.
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First Published: Mon, Dec 14 2009. 04 33 PM IST