Disinvestment in Manganese ORE establishment approved

New Delhi, Sep 9 (ANI): The Cabinet Committee on Economic Affairs (CCEA) today approved the disinvestment of ten per cent of total paid up equity of Manganese ORE (India) Ltd. (MOIL) out of its holding through Initial Public Offering (IPO).

Maharashtra and Madhya Pradesh government have also decided to divest five per cent 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.

The Cabinet has also approved to allow five per cent price discount to the employees of the company under employees reservation quota to encourage their becoming stakeholders in the company.

It has further decided to allow this five per cent discount to retail investors as well as to encourage the development of people-ownership.

At present, the Central Government holds 81.57 per cent of the equity of Manganese Ore India Ltd. a Miniratna Central Public Sector Enterprise.

The balance is held by Maharashtra and Madhya Pradesh Governments 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. (ANI)