MMTC rebounds after EGoM defers stake sale decision

MMTC , State-controlled exporter of minerals, bounced back 14 percent from 52-week low of Rs 280.25 (touched on Tuesday) after the empowered group of ministers (EGoM) deferred its decision to sell stake in the company.

The empowered group of ministers did not accept merchant bankers' price recommendations for the offer for sale (OFS) that was proposed to be opened on Thursday.

The EGoM was going to decide floor price of MMTC's offer for sale (OFS) issue today.

Government of India holds 99.33 percent stake in the company as of December 31, 2012. The government has to bring down its stake to 90 percent in companies to comply with minimum public shareholding norms of 10 percent by June 2013.

At 13:11 hours IST, MMTC shares gained 6.63 percent to Rs 316.10 amid heavy volumes on Bombay Stock Exchange.

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