MMTC Share Sale Delayed to Next Fiscal Year Amid Crowded Market, PTI Says

India delayed selling shares in MMTC Ltd. to the financial year starting April 1 because of a spate of public issues scheduled in the second half of this business year, Press Trust of India reported, citing a finance ministry official it didn’t identify.

The government, which owns 99.33 percent of MMTC, plans to raise 400 billion rupees selling shares in state-run companies in the year ending March, the report said. It has garnered more than 20 billion rupees so far by divesting stake in Satluj Jal Vidyut Nigam Ltd. and Engineers India Ltd., the report said.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Ravil Shirodkar at rshirodkar@bloomberg.net

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