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Govt to sell 10% in MOIL at Rs 365 per share tomorrow

New Delhi: Government will sell 10 percent stake in state-owned manganese miner MOIL tomorrow at a floor price of Rs 365 a share, which will fetch around Rs 450 crore to the exchequer.

Representational image. Reuters

Representational image. Reuters

The floor price is at a discount of 4.63 percent over the closing price of MOIL at Rs 382.70 on the BSE.

Retail investors will get a further discount of 5.20 percent in the offer for sale (OFS), an official said.

The government currently holds 75.58 percent in MOIL, formerly known as Manganese Ore India Ltd.

"Government will divest 10 per cent stake in MOIL tomorrow at a floor price of Rs 365 apiece," the official added.

Shares of MOIL closed at Rs 382.70, up 0.90 percent over previous close on the BSE today.

The two-day offer for sale (OFS) will open for institutional bidding tomorrow and retail investors will be able to subscribe on January 25.

Earlier this fiscal, the government had raised about Rs 794 crore through share buyback of MOIL.

The government has so far raised about Rs 30,000 crore through minority share sale by way of OFS, share buyback and CPSE ETF so far in the current fiscal.

Last week, the Department of Investment and Public Asset Management (DIPAM) launched the second tranche of CPSE Exchange Traded Fund (ETF) which was over-subscribed 2 times. The sale fetched Rs 6,000 crore to the exchequer.

Updated Date: Jan 23, 2017 17:05 PM

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