The company has proposed the matter to the government which has an equity holding of 84 per cent, chairman and managing director SS Ghosh told PTI here. The company planned the rights issue since its authorised capital of Rs 35 crore has not been met with. It has only the paid-up capital of Rs 15.1 crore so far, he said. However, pricing of the issue and size of the allotment lot would be decided by the government, Ghosh said. He said government was informed of the matter and a decision would be taken any time. Meanwhile, the company has also referred the employees stock option plan (EOSP) to the government, he said, adding both the decisions were expected simultaneously.

CMC has also written to its parent body, department of electronics (DoE), to bring down the government equity to below 50 per cent so that it could come out ofgovernment control and function more independently. One of the options was to offer part of government stake to Indian financial institutions, he said.