Government Planning To Sell 15% Stake In MMTC: CMD Ved Prakash

Vadodara: The government is planning to sell 15 per cent stake in state-run trading firm MMTC in the current fiscal, chairman and managing director Ved Prakash said.

"We are ready for the government's plan of divesting 15 per cent stake in the company which is a Government of India enterprise. It is expected to fetch good amount to the exchequer," Ved Prakash told PTI. He, however, refrained from giving any figure about the amount that would be raised after disinvestment.

The government had last sold 9.33 per cent stake in MMTC to raise about Rs 570 crore in June 2013.

The government a couple of months ago, announced intention to hire bankers for divesting part of its stakes in state-owned trading firms MMTC and State Trading Corp.

The government currently holds 89.93 per cent stake in the state-run trading giant MMTC and the stake sale would help the company meet Sebi's minimum public shareholding norm.

Market regulator Sebi has made it mandatory to have a minimum public holding of 25 per cent in all PSUs.

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