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MMTC hits 52-week low on government stake sale plan

The government's OFS for offloading 9.33% stake in trading giant MMTC is likely to hit the markets on March 14, 2013.

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SI Reporter Mumbai
Minerals and Metals Trading Corp Ltd (MMTC) has plunged 6.4% to Rs 381 on reports that government is planning to offload its over 9% stake in trading giant through Offer for Sale (OFS).

“The government’s OFS for offloading over 93.3 million shares or 9.33%  stake in trading giant MMTC is likely to hit the markets on March 14, 2013,” the PTI report suggests.

The empowered group of ministers (EGoM) on disinvestment, headed by finance minister P. Chidambaram, is scheduled to meet on March 12, 2013 to decide on the floor price for the proposed stake sale, added report.

The government currently holds 99.3% stake in the company, the shareholding pattern data shows.

The stock opened at Rs 407 and hit a 52-week low of Rs 380 on NSE. A combined 253,358 shares have changed hands on the counter so far on NSE and BSE.
 
 

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First Published: Mar 04 2013 | 10:12 AM IST

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