MMTC bonanza: stock split, bonus, dividend - Hindustan Times
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MMTC bonanza: stock split, bonus, dividend

None | By, New Delhi
Jun 29, 2010 10:32 PM IST

State-owned trading firm MMTC on Tuesday proposed to split the company's shares in the ratio of 10:1, implying that shareholders would get ten equity shares of a face value Re 1 each for every Rs 10-per-share currently held. HT reports.

State-owned trading firm MMTC on Tuesday proposed to split the company's shares in the ratio of 10:1, implying that shareholders would get ten equity shares of a face value Re 1 each for every Rs 10-per-share currently held.

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This is being seen as a precursor to a disinvestment of the trading firm where the government still holds 99.33 per cent though it is listed.

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The government will have to raise public shareholding to 10 per cent and later to 25 per cent through a follow-on public offer.

An MMTC spokesperson refused to comment.

A source in the government, who did not wish to be identified, however said a stock split in MMTC was necessary before the government decides to divest equity through an FPO.

The company also announced a bonanza for its shareholders in the form of a dividend of 90 per cent and bonus shares at the ration of 1:1.

Before the split, the number of shares held by the public stands at 3.34 lakh.

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