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.
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.