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MOIL

PriceRs.340-375
Tuesday, December 28, 2010
     

The government today fixed a price band of 340-375 a share for raising up to 1,238 crore through initial sale of shares in Manganese Ore India, which will become the fifth state-run company to see divestment this fiscal.

The Centre will dilute 10 percent stake in the country's largest manganese manufacturer, while Madhya Pradesh and Maharashtra governments will shed 5 percent each through the public offer that will open on November 26 and close on December one.
The issue would raise a total of 1,238 crore at the upper end of the price band, including 5 percent discount to retail investors and MOIL employees.

A meeting of the Empowered Group of Ministers, chaired by Finance Minister Pranab Mukherjee and attended by Home Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia, fixed the price band at 340-375 a share, according to sources.

The initial public offer will consist of over 3.36 crore shares. MOIL has a total employee strength of 6,734 and its about 3,000 employees have already opened demat accounts.