State owned E-commerce company MSTC (Metal Scrap Trade Corporation Limited ) on Monday reported that it has got the approval of market regulator for its earlier proposed IPO (Initial Public Offering).
SEBI (Securities and Exchange Board of India) gave an approval for IPO by way of offer for sale though which government would be disinvesting its 25% stake in MSTC which will bring down its stake to 64.85% from the previous 89.25%.
The offer would involve selling of 1.76 Crore equity shares representing 25 percent of total paid-up equity. The proposed IPO would help the current government to meet its disinvestment target for current fiscal.
The company provides e-commerce related services across various segments offering e-auction/e-sale, e-procurement services and development of customized software/solutions. Along with this, MSTC is also engaged in the bulk trading business.
The Mini-Ratna is under the aegis of ministry of steel and broadly works in three verticals recycling, trading and e-commerce.
MSTC Limited is a state-owned e-commerce company headquarter in Kolkata, West Bengal. It is a Miniratna Category-I public sector entity, owned and operated by the Government of India.