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IPO News
MOIL IPO to hit markets on November 26, 2010
Posted On : 2010-11-20 22:06:27( TIMEZONE : IST )
MOIL Ltd, formerly known as Manganese Ore (India) Ltd, is entering the capital market with an IPO of 33,600,000 equity shares of Rs.10 each for cash at a price band to be announced later.
The issue compries an offer for sale of 10% by the Central Government, 5% by the Government of Maharashtra and 5% by the Government of Madhya Pradesh at a price to be decided through the 100% book building process and in a price band to be announced by the Group of Ministers.
The issue will open on Friday - November 26, 2010 and closes on Wednesday - December 1, 2010 for retail investors. CARE has assigned IPO grading of 'IPO Grade 5' indicating its strong fundamentals. The equity shares issued through this IPO will be listed on the Bombay Stock Exchange (BSE) & National Stock Exchange (NSE).
Edelweiss Capital, IDBI Capital and J.P. Morgan India Private Limited are the Book Running Lead Managers (BRLMs) to the IPO. Karvy Computershare Private Limited is the registrar to the company.
MOIL Ltd is the largest producer of manganese ore by volume in India in Fiscal 2008 (Source: Indian Bureau of Mines, Indian Mineral Yearbook 2008). Our production of manganese ore increased from 864,890 tonnes in Fiscal 2006 to 1,093,363 tonnes in Fiscal 2010. As of July 1, 2010, the company has access to approximately 22.0 million tonnes of proved and probable reserves and 37.2 million tonnes of measured mineral resources of manganese ore.
According to the JORC report prepared by IMC dated September 21, 2010, 54.8% of company's proved and probable manganese ore reserves, as of July 1, 2010, have an average manganese content of over 40.0%. Further, 27.4% of proved and probable manganese ore reserves as of July 1, 2010, have an average manganese content of 36.0% - 40.0%. In addition, none of its mine produces low grade manganese (i.e. below 30.0% manganese content).
For year ended March 31, 2010 MOIL posted net sales of Rs.969.39 crores with Net Profit After Tax of Rs.466.34 crores. The company has zero debt in its books.
