Moneycontrol
you are here: HomeNewsBusinessIPO
Last Updated : Mar 14, 2018 01:59 PM IST | Source: Moneycontrol.com

Mishra Dhatu Nigam IPO to open on March 21, govt to raise Rs 438 cr

The company intends to raise Rs 438.4 crore through the issue at higher end of price band. The offer will close on March 23.

Moneycontrol News @moneycontrolcom

State-owned steel company Mishra Dhatu Nigam (MIDHANI) will open its initial public offering for subscription on March 21, with a price band of Rs 87-90 per share.

The IPO comprises of an offer for sale of 4,87,08,400 equity shares by the President of India acting through the Ministry of Defence, which consists of a reservation of up to 18,73,400 equity shares for eligible employees.

The company intends to raise Rs 438.4 crore through the issue at higher end of price band. The offer will close on March 23.

As it is an offer for sale, the company will not receive any proceeds from the offer and all proceeds shall go to the government.

So the objects of the offer are to carry out the disinvestment of 4.87 crore equity shares by the selling shareholder constituting 26 percent of company’s pre-offer paid up equity share capital; and to achieve the benefits of listing the equity shares on the stock exchanges.

The government's shareholding will be reduced to 74 percent post issue. It is a part of government's yearly divestment programme.

Mishra Dhatu Nigam is one of the leading manufacturers of special steels, superalloys and only manufacturer of titanium alloys in India.

SBI Capital Markets and IDBI Capital Markets & Securities are the book running lead managers to the offer. Equity shares of MIDHANI are proposed to be listed on BSE and NSE.
First Published on Mar 14, 2018 01:59 pm
Loading...
Sections
Follow us on
Available On