MOIL to take CIL route, to hit market on Nov. 26

New Delhi, Nov. 18: After the success of Coal India and PowerGrid issues, the government on Thursday said Manganese Ore India Ltd (MOIL) will come out with its IPO on November 26, while offers of oil majors ONGC and IOC will hit markets in the last quarter of this fiscal.

The disinvestment secretary, Mr Sumit Bose, said his department was not raising the target of `40,000 crore mop-up through share sale in PSUs for this fiscal.

He also disclosed that Shipping Corporation of India (SCI) has filed the red herring prospectus with market regulator SEBI.

MOIL will sell 20 per cent stake, out of which the Centre’s shares will account for 10 per cent of the total equity. Madhya Pradesh and Maharashtra governments will divest 5 per cent stake each in the undertaking.

Earlier, MOIL chairman, Mr K. J. Singh, had said the IPO will consist of totally 3.38 crore shares.

While, two per cent shares will be reserved for employees, retail investors will get 5 per cent discount. The government is aiming to raise up to `1,500 crore through the MOIL IPO.

Indian Oil Corp has already appointed six merchant bankers to handle its issue, comprising fresh equity issue of 10 per cent and disinvestment of 10 per cent.

Sources said the government intends to raise ` 24,000 crore through 10 per cent stake sale in IOC.

Besides, the government will disinvest 5 per cent in ONGC. Meanwhile, Shipping Corporation of India is also likely to hit the markets with a `1,300 crore FPO by the end of this month or early December.

“We are hopeful of coming out with an follow-on offer by the end of this month or early December,” SCI’s chairman and MD, Mr S. Hajara had said last week.

The government only last month had approved selling its 10 per cent stake, comprising of 42.35 million shares, in SCI.

It had allowed the firm to issue fresh equity of 10 per cent of the paid-up capital.

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