Government to divest 10% in Moil on Tuesday

NEW DELHI: The government will divest around 10 per cent of its stake in Moil Ltd through Offer for Sale (OFS) route on Tuesday, as part of its divestment plan.

It has fixed the base price of Rs 365 per share. The share price of the company closed 0.90 per cent up at Rs 382.70 on Monday, as against 0.31 per cent gain registered by benchmark BSE Sensex.

According to reports, retail investors will get discount of 5.2 per cent in Moil disinvestment.

At present, the government is holding around 75.58 per cent stake in Moil Ltd. The company is a Schedule “A” Miniratna Category-I company. It was originally incorporated as Manganese Ore (India) Limited in the year 1962. Subsequently, name of the company was changed from Manganese Ore (India) Limited to MOIL Ltd during the financial year 2010-11.

Of late, the government on January 18 also gave its approval to list five state run general insurers and said it will bring down its stake in these insurers to 75 per cent. The decision was approved by the cabinet committee on economic affairs ( CCEA).