Kolkata, March 4 (IANS) E-commerce company MSTC Ltd, a mini-Ratna under the Ministry of Steel, on Monday said it has got approval for its IPO from the Securities and Exchange Board of India.
The MSTCAIPO comprises an offer for sale of 17,600,000 equity shares equivalent to 25 per cent of the post-offer paid-up equity share capital of the company, it said in a statement.
Currently, the government holds 89.85 per cent stake in MSTC and the divestment would bring down its holding to 64.85 per cent.
Equirus Capital Private Ltd is the sole Book Running Lead Manager to the offer and Alankit Assignments Ltd the registrar.
The equity shares of the company are proposed to be listed on BSE and NSE, the statement said.