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

New Delhi: Government will sell 10 per cent 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.

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

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

The government currently holds 75.58 per cent 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 per cent 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.

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