Published on 5/07/2022 3:01:28 PM | Source: Accord Fintech

MMTC zooms on transferring 49.78% stake of Neelachal Ispat Nigam

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MMTC is currently trading at Rs. 40.80, up by 1.65 points or 4.21% from its previous closing of Rs. 39.15 on the BSE.

The scrip opened at Rs. 40.70 and has touched a high and low of Rs. 43.00 and Rs. 40.60 respectively. So far 1098226 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 64.80 on 31-Jan-2022 and a 52 week low of Rs. 31.15 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 43.00 and Rs. 37.90 respectively. The current market cap of the company is Rs. 6202.50 crore.

The promoters holding in the company stood at 89.93%, while Institutions and Non-Institutions held 2.63% and 7.45% respectively.

MMTC has transferred its share of 49.78% of the issued and paid-up equity share capital of Neelachal Ispat Nigam (NINL) to Tata Steel Long Products (TSLP), the successful bidder selected through the two-stage auction procedure involving a competitive bidding process, run under the aegis of Department of Investment & Public Asset Management (DIPAM), for a consideration determined in accordance with and subject to the terms of the Share Purchase Agreement, Escrow Agreement and other related ancillary agreements (Definitive Agreements). MMTC has received consideration for the same.

Earlier, the company had executed a share purchase agreement to sell its entire stake in Neelachal Ispat Nigam to Tata Steel Long Products as part of the disinvestment drive of the government.

MMTC is a leading international trading company of India.