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Industry & Economy - Disinvestment


CMC files prospectus for Govt stake sale

Our Bureau

Mumbai , Feb. 1

CMC Ltd has filed a draft red herring prospectus with the SEBI for sale of the remaining Government of India (GoI) shareholding of 26.25 per cent in the company.

The prospectus says that Tata Sons Ld, which now owns over 51 per cent stake, has agreed to waive its pre-emptive right under its shareholders agreement with GoI of being granted first right of refusal for any shares that the Government might wish to sell.

The offer for 3,976,374 shares is being made through a 100 per cent book building process.

Up to 50 per cent of the offer is to be allocated on a discretionary basis to qualified institutional buyers; not less that 25 per cent of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 25 per cent is for allocation on a proportionate basis to retail bidders, subject to valid bids being received at or above the offer price.

The book running lead managers are HSBC Securities & Capital Markets and Enam Financial Consultants.

The Department of Information Technology, Ministry of Communications and Information Technology, has approved the disinvestment of its residual shareholding in the company by way of an offer for sale.

The company consented to the offer through its board resolution dated December 22, 2003.

The date of offer and other details are yet to be determined.

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