Thursday, 25 November 2010

Manganese Ore India Limited (MOIL) issues IPO

Central Province Prospecting Syndicate was established in 1896 and later renamed as Central Province Manganese Ore Company Limited (CPMO). IN 1962 the asset of the company has taken over by government and formed Manganese Ore India Limited (MOIL) as a Government Company with 51% of shares held by Government of India, Government of Rajasthan and Government of Madhya Pradesh. Balance 49% held by CPMO

Now Manganese Ore India Limited (MOIL) issues IPO (Initial Public Offering) of 33,600,000 equity shares of Rs10 each with a price band between Rs.340 & Rs.375. The book built offer opens from 26th November, 2010 to 01st December, 2010 for retail and non-institutional bidders and 30th November, 2010 for Institutional buyers. Minimum No. of shares to be applied is 17.

The IPO comprises a net offer to the public of 32,928,000 equity shares and reservation of 6,72,000 equity shares for subscription by eligible employees

This IPO is also the part of disinvestment of public sector undertaking. This year the government has so far raised Rs 21,000 crores from four earlier IPOs, including Rs 15,000 crores from Coal India. According to the able sources, Shipping Corporation of India, Steel Authority of India and Oil & Natural Gas Corporation (ONGC) are also completing the formalities of issuing IPO.

The whole hearted welcome received from investors for the recently issued IPOs of Public Sector Undertakings (Coal India Limited and Power Grid Corporation) may repeat in this MOIL IPO also. We hope that the recent slow down of stock market may not affect this IPO.

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