MSTC Limited, a Mini Ratna works under Ministry of Steel, has filed the draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi) on January 31 for the public issue.
The Government of India will dilute its stake in the company by selling 1.76 crore equity shares (representing 25% of total paid-up equity) through offer for sale.
MSTC (earlier Metal & Scrap Trading Corporation) is engaged in providing e-commerce related services across diversified industry segment offering e-auction/e-sale, e-procurement services and development of customized software/solutions and also is a major player in trading of bulk raw material.
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The value of delivery in both Steel Long and Diamond contracts expired on 4th January stood Rs 5.2 crore. This is the highest value of delivery at ICEX since the launch of Diamond and Steel Long future contract in August 2017 and August 2018 respectively. The settlement witnessed smooth delivery of 1230 MT steel Ingots/Billets valuing INR 4.06 crores and 31.34 carats of diamond valuing INR 1.06 crores.
Mr. Sanjit Prasad, MD & CEO of ICEX said, “ICEX has made a principled decision to launch compulsory delivery contracts which is a perfect platform and caters the need of all the participants in the echo system. Hence, ICEX trading platform provides a good opportunity for hedging the price risk for hedgers as contract expiry exhibits close convergence of the settlement and spot prices.”
In the previous month, i.e., December, 2018, ICEX registered physical delivery of 590 MT Steel valuing INR 1.99 crore, while the physical delivery of 32.10 carats diamonds valuing INR 60 lakh. He further added that “since inception, the quantity of delivery upon contract expiry has witnessed upward movement. It signifies credibility and transparency of ICEX contracts and settlement system which has been exhibited through increasing participation of commodity stakeholders.
Indian Commodity Exchange (ICEX) is SEBI regulated online Commodity Derivative Exchange. Headquartered at Mumbai, the exchange provide nationwide trading platform through its appointed brokers. The exchange launched world’s first ever Diamond derivative contracts.
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