MUMBAI (Reuters) - An auction of a 9.33 percent stake in state-run trading firm MMTC Ltd was fully covered on Thursday, provisional data from the National Stock Exchange showed.
The government, which currently owns 99.3 percent of MMTC, is selling 93.3 million shares in the company at a minimum bid price of 60 rupees per share. The sale kicks off government plans to raise 400 billion rupees through stake sales this fiscal year.
At the floor price, the sale will raise about $96 million.
By 3.25 p.m., the single-day auction had received bids for 97.35 million shares, or 1.3 times the shares on offer, at an indicative weighted average price of 60 rupees per share.
Final bid numbers will be available later on Thursday.
(Reporting by Prashant Mehra; Editing by Supriya Kurane)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app