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India seeks to raise 4.50B rupees via sale of 10% stake in MOIL

The Indian government decided to off-load a 10% stake in its 75.58%-owned manganese miner, MOIL Ltd., which is expected to fetch about 4.50 billion rupees, Press Trust of India reported Jan. 23, citing an official.

The two-day offer for sale will open for institutional bidding Jan. 24 at a floor price of 365 rupees per share, which is at a discount of 4.63% over the closing price of MOIL at 382.70 rupees per share on the Bombay Stock Exchange.

Meanwhile, retail investors will be able to subscribe Jan. 25 and will get a further discount of 5.20% in the offer for sale.

Earlier this fiscal, the government had raised about 7.94 billion rupees via a share buyback of MOIL.

As of Jan. 20, US$1 was equivalent to 68.06 Indian rupees.