CMC - SAILING THROUGH: The offer to sell the government's 26.25 per cent stake in the Tata Group-controlled software firm CMC Ltd began on February 23, 2004.
The issue, which was oversubscribed by 11.3 times, received subscriptions for 4.49 crore (44.9 million) shares as against 39,80,000 (3.98 million) shares on offer. The Centre has raised Rs 190 crore (Rs 1.90 million) through the sale. The offer price was fixed at Rs 485 per share.
The Tatas had acquired a 51 per cent stake in CMC for Rs 151 crore (Rs 1.51 billion) in 2001. S. Ramadorai is the chairman of CMC. Ramanathan Ramanan is the managing director and chief executive officer, CMC.
Ramanathan Ramanan, CMC CEO, speaking about the company's public issue a aweek before bids opened.
Photo: CMC
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