MMTC to exit ICEX, stock surges

MMTC has initiated the process of divesting the company's 9.55% equity in the Indian Commodity Exchange (ICEX), marking its exit from the exchange. From this stake sale of 3.2 million shares, it hopes to mop up at least Rs 32 crore.

The exchange is a public-private partnership, with Reliance Exchange Next, MMTC, Indiabulls Housing Finance, Indian Potash, Krishak Bharati Cooperative, and IDFC Bank as the major shareholders.

In January last year, MMTC had divested their 10% equity in the exchange. It has decided not to make any further investment in the ICEX and pull out of it. Initially, the company held a 26% stake in the exchange. Now, it wants to liquidate the balance 3.2 million shares with a face value of Rs 5 each.

MMTC has proposed to rope in a consultant or merchant banker to manage the disinvestment.

The share price of MMTC increased by 1.23% at Rs 61.8 on 1509 hours.

Stock View :

MMTC Ltd is currently trading at Rs 61.8, up by Rs 0.75 or 1.23% from its previous closing of Rs 61.05 on the BSE.
The scrip opened at Rs 61.35 and has touched a high and low of Rs 62.9 and Rs 61 respectively. So far 1527291(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 6105 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 73.85 on 12-Jan-2017 and a 52 week low of Rs 40 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 64.6 and Rs 55.3 respectively.
The promoters holding in the company stood at 89.93 % while Institutions and Non-Institutions held 5.99 % and 4.08 % respectively.
The stock is currently trading below its 100 DMA.

MMTC Ltd :-
BSE 61.80 0.75    (1.23%)
NSE 61.70 0.75    (1.23%)


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