MMTC hits 52-week low ahead of floor price decision

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     MMTC hits 52-week low ahead of floor price decision
    MMTC: Quotes, News
    BSE 27.50BSE Quote0.3 (1.09%)
    NSE 27.65NSE Quote0.35 (1.27%)
    Shares in government owned Mineral and Metal Trading Corporation (MMTC) hit a 52-week low ahead of a floor price decision by the government for a proposed stake sale in the company.

    The shares were last trading at Rs 285.70, after hitting a 52-week low of Rs 285.30 earlier in trade. The shares had earlier hit a 52-week high of as much as Rs 908 on March 14, 2012 and has consistently fallen ever since.

    According to a PTI report an empowered Group of Ministers (eGoM) on disinvestment, headed by finance minister P. Chidambaram, is likely to meet today to decide on the base price for the share sale, sources said.

    According to the reports the government has shortlisted three merchant bankers, including IDFC, for selling over 9.33 crore shares or 9.33% of its stake in MMTC in the current fiscal through an offer for sale (OFS).

    The government recently raised money through stake sale in RCF and has already raised substantial amounts earlier this year to bridge the fiscal gap.

    The Government of India owns 99.33 per cent stake in Mineral and Metal Trading Corporation as on December 31, 2012. SEBI has mandated that the promoter holding should not be more than 75 per cent.

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