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The Government is expected to divest 10 per cent of its stake in MMTC Ltd in September or October, the Commerce Secretary, Dr Rahul Khullar, said on Tuesday.
“It is a pure divestiture where you take the shares and sell it in the market. There is no piggyback sales,” Dr Khullar said. The Department of Disinvestment is looking into the matter. The Commerce Ministry has the administrative control of MMTC.
At present, the Government has a 99.33 per cent stake in the company. This follows a mandatory requirement for public sector companies to have a public shareholding of at least 10 per cent. The Government aims to raise around Rs 40,000 crore through stake sale in many public sector units this fiscal.
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