An inter-ministerial committee on Tuesday deferred government's 9.33 per cent stake sale in the state- owned trading company MMTC on concerns over valuation of the company's equity.
'MMTC issue has been deferred for now... EGoM did not accept recommendations of merchant bankers on valuation issues,' Disinvestment Secretary Ravi Mathur told reporters after the meeting.
The issue was originally planned to hit the markets on 14 March.Mathur, however, did not say as to when the EGoM would meet next to decide on the MMTC stake sale.According to sources, the sale is likely to be shifted to the next financial year, 2013-14, which begins on 1 April.
The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram was slated to decided on the base price of the MMTC stake sale.
Government had shortlisted three merchant bankers for selling over 9.33 crore shares or 9.33 per cent of its stake in MMTC in the current fiscal through an Offer For Sale (OFS).Since the public float of the company is very less, sources said the merchant bankers had a tough time in evaluating the share sale price which will be acceptable to investors.
'MMTC issue has been deferred for now... EGoM did not accept recommendations of merchant bankers on valuation issues,' Disinvestment Secretary Ravi Mathur told reporters after the meeting.
The issue was originally planned to hit the markets on 14 March.Mathur, however, did not say as to when the EGoM would meet next to decide on the MMTC stake sale.According to sources, the sale is likely to be shifted to the next financial year, 2013-14, which begins on 1 April.
The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram was slated to decided on the base price of the MMTC stake sale.
Government had shortlisted three merchant bankers for selling over 9.33 crore shares or 9.33 per cent of its stake in MMTC in the current fiscal through an Offer For Sale (OFS).Since the public float of the company is very less, sources said the merchant bankers had a tough time in evaluating the share sale price which will be acceptable to investors.