Government to divest 10% stake in MOIL via offer for sale on January 24

Government of India has decided to sell 10% stake in Moil – a state-owned manganese ore mining company.

A PTI report said that government will divest 10% stake in MOIL through offer for sale (OFS) at a floor price of Rs 365 a piece on Tuesday January 24, 2017.

Retail investors will get a discount of 5.2% in this OFS. 

In the Union Budget 2016-17, government had set a divestment target of Rs 56,500 crore out of which Rs 36,000 crore is to come from minority stake sale in PSUs and another Rs 20,500 crore from strategic stake sale.

Beginning April, Centre bought back shares in five PSUs including MOIL. The company fetched the government Rs 793 crore from the buy back. 

Shares of MOIL closed at Rs 382.70 per share on BSE, up by Rs 3.40 or 0.90%.