Receives bids for 8.10 lakh shares
The initial public offer (IPO) of MSTC received bids for 8.10 lakh shares, data on the National Stock Exchange of India (NSE) website showed as at 17:00 IST today, 13 March 2019. The IPO was subscribed 0.05 times.
The offer comprises offer for sale by the government of India of 70.40 lakh shares, which, at the lower price band of Rs 121 per share, works out to Rs 213.81 crore and, at the higher price band of Rs 128, works out to Rs 226.18 crore.
The objects of the issue is to carry out the divestment program of the government of India apart from the benefits of listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders. Government of India will hold 74.9% of total paid up equity share capital of the company post listing.
For FY 2018, consolidated net sales were up 30% to Rs 2265.40 crore. Loss at PAT level for FY 2018 stood at Rs 6.48 crore. Even for the half year ended September 2018, the company has reported net loss of Rs 15.88 crore on revenues of Rs 1476.91 crore.
MSTC is a Mini Ratna Public Sector Undertaking (PSU) company. From an earlier business as a pure trading company, the company has grown into a large diversified, multi-product services and trading company. Currently, the three main business verticals in the company are E-commerce, Trading, and Recycling.
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