State Trading Corporation of India (STC India) has dipped nearly 10% to Rs 95 in noon deals on BSE, after the Cabinet Committee on Economic Affairs (CCEA) approved disinvestment of government stake in the company.
The government, which currently holds 91.02% stake in the company, will offload 1.02% stake in STC to meet the minimum 10% public holding norm of market regulator Sebi.
The Disinvestment Department had sought Cabinet nod to offload 61.3 million shares of STC through the Offer-For-Sale (OFS) route, the PTI report suggests.
The stock opened at Rs 105 and hit a high of Rs 109 on BSE. A combined 1.37 million shares have changed hands on the counter till 1324 hours on BSE and NSE.
The government, which currently holds 91.02% stake in the company, will offload 1.02% stake in STC to meet the minimum 10% public holding norm of market regulator Sebi.
The Disinvestment Department had sought Cabinet nod to offload 61.3 million shares of STC through the Offer-For-Sale (OFS) route, the PTI report suggests.
The stock opened at Rs 105 and hit a high of Rs 109 on BSE. A combined 1.37 million shares have changed hands on the counter till 1324 hours on BSE and NSE.