E-commerce company MSTC Ltd on Monday said it has got approval from the Securities and Exchange Board of India (SEBI) for the state-run firm's proposed IPO.
The IPO would be by way of offer for sale by the Union government of 17,600,000 shares, equivalent to 25 per cent of the post-offer, paid-up equity share capital.
The divestment would bring down government holding in MSTC to 64.85 per cent from the existing 89.85 per cent stake, the company said.
Equirus Capital Pvt Ltd is the sole book running lead manager to this offer and Alankit Assignments Ltd is the registrar.
The mini-Ratna company, under the Ministry of Steel, has three main business verticals -- e-commerce, trading and recycling.
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