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CMC offer for sale

By Our Staff Correspondent

MUMBAI, FEB. 17. The Union Government has announced its decision to make an offer for sale of its equity shares in CMC. The offer is for sale of 3.98 million equity shares of Rs. 10 each and the price band will be announced a day before the opening of the bid/offer, scheduled for February 23 and closing on February 28.

The offer is being made through a 100 per cent book-building route wherein up to 50 per cent of the offer will be allocated on a discretionary basis to qualified institutional buyers.

R. Ramanan, Managing Director and CEO, CMC, while addressing the media here today, said CMC was strong in Government solutions, banking and financial services, Insurance, shipping, transportation and mining.

CMC seeks to leverage its group synergies by combining with TCS to expand offerings to customers and together acquire new customers, leveraging TCS' reach and brand equity to widen its presence in international markets and adopting group best practices.

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