State Trading Corporation of India (down 19.77%), Hindustan Copper (down 7.8%), National Fertilizers (down 4.59%), Andrew Yule & Company (down 4.1%), ITI (down 3.65%), HMT (down 3.21%), Coal India (down 1.75%), NHPC (down 1.4%), Neyveli Lignite Corporation (down 1.01%) and SJVN (down 0.49%) edged lower.
Shares of MMTC opened at 10% lower circuit of Rs 190.35 and remained locked at the lower circuit so far during the day. The stock's low of Rs 190.35 is a 52-week low. The stock had hit a 52-week high of Rs 890 on 5 July 2012.
Bids were received for a total of 3.54 crore shares at an indicative price of Rs 60.83 per share for the Offer for Sale (OFS) of the MMTC's shares till 13:45 IST, as per data from the stock exchanges.
MMTC after trading hours on Wednesday, 12 June 2013 said that the government has decided to sell 9.33 crore equity shares, aggregating to 9.33% of the total paid up equity share capital of the company through offer for sale (OFS) route via the stock exchanges mechanism today, 13 June 2013. The government has fixed the floor price at Rs 60 per share, a staggering 71.62% discount to MMTC's Wednesday's closing price on BSE. Shares of MMTC had gained 2.92% to settle at Rs 211.45 on Wednesday, 12 June 2013.
The stake sale would help MMTC to meet minimum public shareholding norms given by Sebi. The Government of India currently owns 99.33% stake in the company (as per the shareholding pattern as on 31 March 2013). Market regulator Securities & Exchange Board of India (Sebi) has mandated minimum public shareholding of 10% for state-run firms by August 2013.
The BSE PSU index was down 1.37% at 6,261.06. It underperformed the Sensex, which was down 0.93% at 18,863.33.
More From This Section
The BSE PSU index underperformed the market over the past one month till 12 June 2013, falling 7.9% compared with the Sensex's 5.37% decline. The index had also underperformed the market in past one quarter, sliding 8.88% as against Sensex's 2.68% fall.
Powered by Capital Market - Live News