Manganese Ore IPO : Files DRHP with SEBI

by khalid on 29/09/2010 · 0 comments

State-run Miniratna PSU Manganese Ore (India) Limited (MOIL) is main producer of manganese ores in India. The company is planning to enter capital markets with its maiden public issue of 3.36 crore equity shares of face value Rs 10 each. The company has filed a Draft Red Herring Prospectus (DRHP) in Sep 2010 with market regulator Securities and Exchange Board of India (SEBI). The premium to be decided via 100% book building process. The issue constitutes 20 per cent stake sale, involving equity dilution from the Centre and two state governments.

Currently the Union government holds 81.57% in the company, Maharashtra 9.62% and Madhya Pradesh 8.81% stake. Post the IPO, Centre’s equity in MOIL will come down to 71.57 %, while that of the Maharashtra government will reduce to 4.62%. Madhya Pradesh government will be left with 3.81% share in the company.

The Union government aims to raise Rs 40,000 crore through divestment this fiscal. The other disinvestment candidates for FY10-11 include Coal India, MMTC, and Hindustan Copper.
Last fiscal it had raised Rs 25,000 crore through stake sale in Oil India, NMDC, REC and NTPC.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Book running lead managers to the issue are Edelweiss Capital, IDBI Capital and JP Morgan.

Registrar of the Issue : Link Intime (India).

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