Moneycontrol
Jun 15, 2017 05:36 PM IST | Source: PTI

Centre to reduce stake in MSTC to 64%

The Centre will reduce it's stake in MSTC Limited to 64 percent from 89.85 percent in the current round of divestment plan.

Centre to reduce stake in MSTC to 64%

The Centre will reduce it's stake in MSTC Limited to 64 percent from 89.85 percent in the current round of divestment plan.

"The government has decided to divest shares equal of 25 percent of the total capital of the company (MSTC) through offer of sale," MSTC director, finance, A K Basu said here today on the sidelines of the foundation stone laying ceremony for it's corporate office at Rajarhat.

Basu said 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.

MSTC chairman and managing director B B Singh said 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 said.
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