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Govt plans to divest 15% stake in MMTC

In the current financial year the government is planning to sell 15% stake in the state-run trading firm MMTC  which would fetch around Rs 800 crore to the exchequer.

Currently the government holds 89.93% stake in the company.

“The government plans to divest 15 per cent stake in the company. We are ready for it,” MMTC Chairman Ved Prakash said.

SEBI has mandated to have a minimum public holding of 25% in all PSUs.

The proceeds of the stake sales would help the government inching towards its divestment target of Rs 41,000 crore which was fixed for the current financial year.

The government has shortlisted MMTC as probable disinvestment candidates. Moreover the government has already raised Rs 1,550 crore through 5% stake dilution in REC.

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