PSU NEWS
Govt seeks to raise USD 70 mn from stake sale in miner MOIL
New delhi . The government will sell a 10% stake in state-run manganese ore mining company MOIL Ltd to raise as much as Rs 475 crore ($70 million) as part of its disinvestment plan for the current financial year.
The two-day offer for sale is for about 13.32 million shares, MOIL said in a stock-exchange filing. The shares will be sold at a floor price of Rs 365 apiece. This is a 4.6% discount to Monday’s close of Rs 382.70.
A fifth of the total shares have been reserved for retail investors, who will be eligible for a 5% discount on their bids, subject to the cut-off price. The offer will take place through a separate window on stock exchanges. Only non-retail investors will be allowed to place bids on Tuesday. Retail investors will be allowed to bid on Wednesday.
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