The Centre plans to sell 10% stake in Mishra Dhatu Nigam (MIDHANI), the department of investment and public asset management (Dipam) said on Wednesday, inviting applications from merchant bankers and selling brokers to manage the proposed issue. The stake sale, via the offer-for-sale (OFS) route, could fetch around Rs 400 crore at the current market prices.
The defence PSU produces superalloys, titanium and titanium alloys, special steels, electrical and electronic alloys, and special products for aeronautics, space, nuclear, chemical, petro-chemical, power generation and furnace applications.
The Centre holds 74% of the equity of MIDHANI. It reported a net profit of Rs 131 crore in FY19.