Shares of MMTC on Wednesday gained nearly 3 per cent on the BSE, outperforming a weak stock market ahead of the company’s stake sale through offer for sale tomorrow.
MMTC’s scrip had plunged to 52-week low of Rs 191 today but it later recouped the losses during the fag-end of trading session.
Defying the initial weakness in the stock, MMTC ended the day 2.92 per cent higher at Rs 211.45 on BSE, following the news. Intra-day, the stock jumped 6 per cent to Rs 217.85.
At the NSE, the scrip ended flat at Rs 206, down 0.05 per cent from its previous close.
The group of ministers on disinvestment today cleared 9.33 per cent stake sale in MMTC through offer for sale which may fetch the exchequer Rs 300 crore.
“We will divest 9.33 per cent in MMTC on Wednesday through OFS route,” said Disinvestment Secretary Ravi Mathur.
The government currently holds 99.33 per cent stake in MMTC and the stake sale would help the company meet SEBI’s minimum public shareholding norms.
Meanwhile, in the stock market, the BSE benchmark Sensex ended the day at 19,041.13, down 101.87 points.