The Government of India is planning to offload up to 10 per cent stake in speciality alloy maker Mishra Dhatu Nigam (MIDHANI) in the current fiscal, according to an official. The state-owned entity is likely to garner good response from foreign investors as the government has brought defence sector under automatic route for 74 per cent foreign direct investment (FDI).
“We are looking at up to 10 per cent stake dilution via offer for sale,” news agency PTI d the aforementioned official as saying. The company has not made any announcement in this regard.
The defence PSU firm was listed on domestic bourses in April 2018 and the government had raised Rs 438 crore by selling 26 per cent stake through initial public offer (IPO).
Headquartered in Hyderabad, MIDHANI is one