The government invited merchant bankers for managing its share sale in MMTC and STC, which could fetch about Rs 650 crore to the exchequer.
The government plans to disinvest 15 percent each in Metals and Minerals Trading Corporation of India (MMTC) and State Trading Corporation (STC) through an offer for sale (OFS).
At the current market prices, stake sale in MMTC would fetch Rs 570 crore, which that in STC would garner Rs 84 crore to the exchequer.
Government currently holds 89.93 percent in MMTC and 90 percent in STC.
Further, the government is considering to allot up to 5 percent of the OFS size to employees of the companies at a 5 percent discount to issue price.
The merchant bankers will have to submit their bids to the Department of Investment and Public Asset Management (DIPAM) by May 30.
The government had last in June 2013 sold 9.33 percent stake in MMTC. Besides, in August, 2013 it sold 1.02 percent in STC.
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