MOIL offer for sale for retail investors starts today
DSIJ Intelligence / 25 Jan 2017
The government is going ahead with its much-awaited stake sale in the Manganese Ore India limited (MOIL) at a floor price of Rs 365 and will divest close to 10 per cent of its stake, thereby moving towards its disinvestment target of Rs 56,500 crore.
The government is going ahead with its much-awaited stake sale in the Manganese Ore India limited (MOIL) at a floor price of Rs 365 and will divest close to 10 per cent of its stake, thereby moving towards its disinvestment target of Rs 56,500 crore.
This would be second disinvestment move by the government within the span of one week after a bumper response to central public sector enterprises exchange-traded fund (CPSE ETF) which successfully raised Rs 6,000 crore. The government will also be raising Rs 450 crore via the offer for sale (OFS) mechanism.
The non-retail portion of the offer got a tremendous response as it got subscribed by 150 per cent.
The retail portion of the issue opens today and shares will be allocated on a discount of five per cent to the cut off price. Retail investors are categorised as those who put in bids for less than Rs 2 lakh.
Ever since the announcement of OFS, the MOIL stock has gone down by 5 per cent thereby, making it a good buy at current levels, given the overall buoyancy in the metal sector.
Shares of MOIL was trading at Rs 362.90 down 1.5 per cent on NSE.
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