CCEA clears disinvestment of govt stake in STC, ITDC i. The - TopicsExpress

CCEA clears disinvestment of govt stake in STC, ITDC i. The Cabinet Committee on Economic Affairs (CCEA) today approved disinvestment of government stake in State Trading Corporation (STC) and ITDC, which would fetch around 30 crore Rs to the exchequer. ii. The Disinvestment Department had sought Cabinet nod to offload 5 per cent stake in India Tourism Development Corporation (ITDC) and 1.02 per cent in STC through the Offer For Sale (OFS) route. iii. The government expects the sale of 5 per cent stake or 42.88 crore shares in ITDC to fetch 23.58 crore Rs. iv. Besides, it aims to garner about 10 crore Rs through disinvestment of 1.02 per cent, or 6.13 crore shares, in STC. v. Government currently holds 92.11 per cent stake in ITDC and 91.02 per cent stake in STC. vi. The stake sale would help both the companies meet the minimum 10 per cent public holding norm of market regulator Securities and Exchange Board of India

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