MSTC to divest entire stake in Ferro Scrap Nigam; stock jumps ~3%

31 Mar 2022 , 03:09 PM

MSTC Limited informed that the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has published an advertisement in prominent newspapers on March 31, 2022, inviting Global Expression of Interest (EOIs) from the Interest Bidders (IBs) for proposed strategic Disinvestment of entire equity shareholding in Ferro Scrap Nigam Limited (FSNL) – a 100% subsidiary of MSTC Ltd along with transfer of management control.

MSTC is a Ministry of Steel-owned, e-commerce operator involved in diversified e-comm services.

MSTC’s counter gained 2.68% so far in today’s trade. It is currently trading at Rs310.90, up by Rs8.10 against its previous close of Rs302.80 on the NSE. It touched intraday high and low of Rs320 and Rs309 respectively.