The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved
disinvestment of government stake in State Trading Corporation (STC) and India
Tourism Development Corporation (ITDC), which would fetch around Rs 30 crore to
The Disinvestment Department had
sought Cabinet nod to offload 5 per cent stake in ITDC and 1.02 per cent in STC
through the Offer For Sale (OFS) route.
“STC, ITDC disinvestment has been
approved,” sources said after the meeting of the Cabinet Committee on Economic
The government expects the sale of 5
per cent stake or 42.88 crore shares in ITDC to fetch Rs 23.58 crore.
Besides, it aims to garner about Rs 10
crore through disinvestment of 1.02 per cent, or 6.13 crore shares, in STC.
Government currently holds 92.11 per cent stake in ITDC and 91.02 per cent
stake in STC.
The stake sale would help both the companies meet the minimum 10 per cent
public holding norm of market regulator Securities and Exchange Board of India
The government is required to bring down its stake in these two companies
to 90 per cent by August 8.
Shares of STC were trading 5.75 per cent lower at Rs 99.20 on the BSE in