15 Sep 2012

Disinvestment of 9.33 Percent Paid Up Equity in MMTC Ltd.

New Delhi:The Cabinet Committee on Economic Affairs has approved the disinvestment of 9.33 percent paid up equity of MMTC Ltd. out of the Government of India’s holding of 99.33 percent through an Offer for Sale of Shares through Stock Exchanges, as per SEBI Rules and Regulations. After this disinvestment the Government of India’s shareholding in the company would come down to 90 percent. 
The paid up equity capital of the company, as on 31st March, 2012 is Rs.100 crore. The Government of India holds 99.33 percent of the paid up capital in MMTC. MMTC is a listed ‘Mini Ratna’ Central Public Sector Enterprise. Currently, the company is not compliant with the Securities Contract (Regulation) Rules, 1957 (SCRR), which stipulate a minimum level of 10 percent public holding as a listed CPSE. 
MMTC is India’s largest international trading company and exporter of mineral, leading exporter and importer of agro commodities, the single largest importer and supplier of metals, including gold and silver, and a major player in the coal and hydrocarbon imports by the country. 

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