CCEA clears 10% stake sale in MOIL
Last Updated : 10 Sep 2010 11:07:50 AM IST
NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved the disinvestment of 10 per cent of total paid-up equity of Manganese Ore India Ltd (MOIL), a Miniratna Central public sector enterprise.Maharashtra and Madhya Pradesh have also decided to divest 5 per cent each of total paid-up equity in MOIL out of their shareholding along with the Government of India. 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 decided to allow 5 per cent price discount to the employees of the company and retail investors under employees reservation quota.At present, the Union Government holds 81.57 per cent of the equity of MOIL.The balance is held by the state governments of Maharashtra and Madhya Pradesh, to the extent of 9.62 per cent and 8.81 per cent 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.