BUSINESS

CCD may discuss residual equity sale in VSNL, CMC

Source:PTI
July 09, 2003 17:58 IST

The Cabinet Committee on Divestment may discuss on Thursday the sale of residual government equity in Videsh Sanchar Nigam Ltd and CMC Ltd in addition to about half a dozen items, including the successful public issue of Maruti Udyog Ltd.

According to a senior divestment ministry official, the CCD meet may take up items relating to the sale of residual equity in telecom company VSNL and information technology company CMC to the strategic partners.

The government currently holds just over 26 per cent in CMC and VSNL, which were earlier sold to the Tatas.

The CCD would also discuss items relating to Hindustan Copper, Mineral Exploration Corporation, Dredging Corporation, Hindustan Organics and National Feriliser Ltd.

Sources said that in the case of Maruti, the CCD would be apprised about the public offer of MUL shares, which closed last month, recording a massive oversubscription.

MUL commenced trading on Wednesday for the first time with a big bang after it was listed at the National Stock Exchange at Rs 164.50 a share.

Opening at Rs 158.90 on the Bombay Stock Exchange, the scrip shot up within minutes to Rs 163.50 a share following hectic demand, virtually reflecting the big rush for the public offer witnessed last month, prompting the government to declare the selling price at Rs 125 a share against the reserve price of Rs 115.

Source: PTI
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