10% MIDHANI Stake to be sold by March 2021
PTI reported that Indian government is planning to sell up to 10% stake in defence PSU Mishra Dhatu Nigam Ltd in the current fiscal ending March. An
official told PTI “We are looking at up to 10% stake dilution via offer for sale. With the opening of space sector to foreign investment and bringing defence sector under automatic route for 74% foreign direct investment, MIDHANI shares are expected to attract investors. “
Hyderabad Telanga based MIDHANI, under the administrative control of Department of Defence Production of Ministry of Defence, manufactures special steel for use in defence, nuclear and space sectors and is the only producer of Titanium in India. Its product include super alloys, titanium alloys, specialized steels, high reliability electrical & electronic alloys, soft magnetic alloys, magnesium alloys, titanium tubes, Columbium alloy, biomedical implants & armour products. The company got listed on stock exchanges in April 2018 and the government had raised INR 438 crore by selling 26% stake through IPO. At the current market price, the government can raise about INR 360 crore by selling 10% stake in the company.