Government to sell 1.02 percent stake in STC

The government Thursday decided to sell 1.02 percent stake in the State Trading Corporation (STC) to make it compliant with the market regulator's norms.

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Manmohan Singh approved the proposal of divesting stake in the "Mini-Ratna" company.

The government currently controls 91.02 percent equity stake in the Bombay Stock Exchange (BSE) listed STC, that is primarily engaged in trade with East European countries.

As per the Securities and Exchange Board of India (SEBI) norms, the government's shareholding in the listed public sector undertakings must come to 90 percent or lower by Aug 8, 2013.