PIB Press Release dated 9th September, 2010
The Cabinet Committee on Economic Affairs today approved the disinvestment of 10% of total paid up equity of MOIL out of its holding through Initial Public Offering (IPO). The State Governments of Maharashtra and Madhya Pradesh have also decided to divest 5% each of total paid up equity in MOIL out of their shareholding along with the Government of India. This will lead to MOIL listing its shares in the Stock Exchanges. A portion of the shares to be offered for sale through IPO shall be reserved for the employees of the Company.
The CCEA has also approved to allow 5% price discount to the employees of the company under employees reservation quota to encourage their becoming stakeholders in the company. The CCEA has further decided to allow this 5% price discount to retail investors as well as to encourage the development of people-ownership.
At present, the Central Government holds 81.57% of the equity of Manganese Ore India Ltd. a Miniratna Central Public Sector Enterprise. The balance is held by the State Governments of Maharashtra and Madhya Pradesh to the extent of 9.62% and 8.81% respectively. MOIL is engaged in production of manganese ore, which is the raw material for manufacturing of alloys, an essential input for steel making and dioxide ore for manufacturing dry batteries.
Link is being provided for easy reference to MOIL website: