Govt to reduce stake in MSTC in current disinvestment cycle
16/06/2017
The Indian Government has said that it is planning to reduce it's stake in MSTC Limited to 64 per cent from 89.85 per cent in the current cycle of divestment plan.Commenting on the issue, MSTC director, finance, A K Basu told the media, "The government has decided to divest shares equal of 25 per cent of the total capital of the company (MSTC) through offer of sale."“The Centre will dilute about 0.88 crore shares from it's holding of 3.13 crore shares post bonus issue at the rate of 1:1. The revised paid up capital of MSTC currently is Rs 35.2 crore,” he added.Commenting on the development, MSTC chairman and managing director B B Singh told the media, “The company has a business volume of about Rs 60,000 crore in the current fiscal against Rs 51,000 odd crore last year.”
“The company was engaged in wide areas of e-commerce and online auctions including ferrous, non-ferrous materials and holding e-auctions for mines as well as into agri products,” he added.
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16/06/2017
The Indian Government has said that it is planning to reduce it's stake in MSTC Limited to 64 per cent from 89.85 per cent in the current cycle of divestment plan.Commenting on the issue, MSTC director, finance, A K Basu told the media, "The government has decided to divest shares equal of 25 per cent of the total capital of the company (MSTC) through offer of sale."“The Centre will dilute about 0.88 crore shares from it's holding of 3.13 crore shares post bonus issue at the rate of 1:1. The revised paid up capital of MSTC currently is Rs 35.2 crore,” he added.Commenting on the development, MSTC chairman and managing director B B Singh told the media, “The company has a business volume of about Rs 60,000 crore in the current fiscal against Rs 51,000 odd crore last year.”
“The company was engaged in wide areas of e-commerce and online auctions including ferrous, non-ferrous materials and holding e-auctions for mines as well as into agri products,” he added.
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