MMTC hits 5-yr low ahead of EGoM meet to set floor price for stake sale
The eGoM on disinvestment, headed by finance minister P. Chidambaram, is likely to meet on Tuesday to decide on the base price for the share sale.
MMTC has dipped 4.4% to Rs 284 ahead of the empowered Group of Ministers (eGoM) meeting today to decide on the base price for the share sale.
The stock opened at Rs 294 and touched a low of Rs 280, its lowest price since September 2007, on BSE. As many as a combined 1.53 million shares have already changed hands till 1112 hours against an average sub 1.7 million shares that were traded daily in past two weeks on BSE and NSE.
“The eGoM on disinvestment, headed by finance minister P. Chidambaram, is likely to meet on Tuesday to decide on the base price for the share sale,” the PTI report suggests.
The government has short listed three merchant bankers, including IDFC, for selling over 93.3 million shares or 9.33% of its stake in MMTC in the current fiscal through an offer for sale (OFS). The share sale is likely to hit the markets on 14 March, added report.
The stock has tanked 56% in past one month from Rs 633 on February 12, compared to a marginal 0.43% rise in benchmark Sensex during the same period.
The stock opened at Rs 294 and touched a low of Rs 280, its lowest price since September 2007, on BSE. As many as a combined 1.53 million shares have already changed hands till 1112 hours against an average sub 1.7 million shares that were traded daily in past two weeks on BSE and NSE.
“The eGoM on disinvestment, headed by finance minister P. Chidambaram, is likely to meet on Tuesday to decide on the base price for the share sale,” the PTI report suggests.
The government has short listed three merchant bankers, including IDFC, for selling over 93.3 million shares or 9.33% of its stake in MMTC in the current fiscal through an offer for sale (OFS). The share sale is likely to hit the markets on 14 March, added report.
The stock has tanked 56% in past one month from Rs 633 on February 12, compared to a marginal 0.43% rise in benchmark Sensex during the same period.