Govt to sell stake in STC, ITDC & Neyveli Lignite today to raise Rs 380 cr

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Disinvestment Secretary Ravi Mathur has said that the government will sell its stake in three companies -- State Trading Corporation (STC), ITDC and Neyveli Lignite Corporation -- tomorrow to raise around Rs 380 crore.

"The EGoM cleared the floor price for stake sale in STC and ITDC through an OFS. The issue will hit markets tomorrow," Mathur said.

Government currently holds 92.11 per cent stake in ITDC and 91.02 per cent stake in STC.

"ITDC scrip is highly illiquid. So the EGoM has taken a view on the pricing of the disinvestment," Mathur said.

The stake sale would help the three companies meet the minimum 10 per cent public holding norm of market regulator Securities and Exchange Board of India ( Sebi).

Story first published: Friday, August 2, 2013, 9:31 [IST]
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