<p>“We would seek the Cabinet approval in the next two-three weeks. The stake sale is expected in the month of December,” a senior finance ministry official told PTI.<br /><br />The official said, the Centre will offload 10 per cent of its stake in MOIL, while Maharashtra and Madhya Pradesh would dilute 5 per cent each of their stakes. Earlier, only the Centre was considering selling 10 per cent stake in the company. <br /><br />The government has already invited bids from merchant bankers to manage the stake sale in the Mini-ratna miner MOIL. “We have to appoint up to three merchant bankers, the bids for which have been invited,” the official said.<br /><br /> The government holds 81.57 per cent in the mini-ratna entity, while Maharashtra and Madhya Pradesh hold 9.62 per cent and 8.81 per cent stake, respectively. <br /><br />MOIL, which operates 10 mines, had a net profit of Rs 240 crore in the financial year 2009-10.</p>
<p>“We would seek the Cabinet approval in the next two-three weeks. The stake sale is expected in the month of December,” a senior finance ministry official told PTI.<br /><br />The official said, the Centre will offload 10 per cent of its stake in MOIL, while Maharashtra and Madhya Pradesh would dilute 5 per cent each of their stakes. Earlier, only the Centre was considering selling 10 per cent stake in the company. <br /><br />The government has already invited bids from merchant bankers to manage the stake sale in the Mini-ratna miner MOIL. “We have to appoint up to three merchant bankers, the bids for which have been invited,” the official said.<br /><br /> The government holds 81.57 per cent in the mini-ratna entity, while Maharashtra and Madhya Pradesh hold 9.62 per cent and 8.81 per cent stake, respectively. <br /><br />MOIL, which operates 10 mines, had a net profit of Rs 240 crore in the financial year 2009-10.</p>