New Delhi, Sep 9 (Calcutta Tube) The government Thursday decided to divest 10 percent of its 81.57 percent stake in Manganese Ore (India) Ltd (MOIL), a mini ratna enterprise.
The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Manmohan Singh.
Along with the central government, the governments of Maharashtra and Madhya Pradesh would divest five percent each of their paid up equities in MOIL out of their shareholding of 9.62 percent and 8.81 percent respectively, Home Minister P. Chidambaram said after the CCEA meeting.
The divestment would be made through an initial public offering (IPO).
The CCEA has decided to allow 5 percent price discount to a portion of the shares reserved for the employees of the company.
It also decided to allow 5 percent price discount to retail investors as well to encourage development of people-ownership.