Govt to divest 20% equity in MOIL

Thus the total disinvestment by the Centre and the state governments will be 20 per cent in the MOIL—a Miniratna Central Public Sector Enterprise— engaged in mining of manganese ore.

The proposed disinvestment of government equities in the MOIL will be done through Initial Public Offer (IPO) route.

The approval for the 10 per cent disinvestment of the central government equity was given by the Cabinet Committee on Economic Affairs (CCEA) at its meeting chaired by the Prime Minister.

“The Maharashtra and Madhya Pradesh governments have also decided to divest five per cent of each of total paid up equity in MOIL out of their share holding along with the Centre. This will lead to MOIL listing its shares in the stock exchanges,” Home Minister P Chidambaram told newspersons after the CCEA meeting.

The IPO will have a quota for the MOIL employees, who will get the shares at five per cent discount to the offer value. The retail investors will also get five per cent discount.