Govt raises Rs 35 cr from STC, ITDC share sales

The government today offloaded its holdings in State Trading Corporation of India Limited (STC) and India Tourism Development Corporation (ITDC) through the offer for sale (OFS) route to raise about Rs 35 crore.

The center sold 0.6 million shares (1.02%) in STC for Rs 4.54 crore at Rs 74 per share  and nearly 4.3 milion shares (5%) in ITDC at Rs 70 apiece for Rs 30 crore. Both the share sales saw slight over subscription with most bids coming from institutional investors.

IDBI Capital Markets managed both share auctions.

Shares of STC ended at Rs 74.25, down 0.54%, while  ITDC, whose shares are traded through periodic call auction, closed at Rs 1,000 a share.

The centre had to divest its stake in both these companies to comply with the minimum public shareholding (MPS) requirement, the deadline for which expires on August 8.