Manganese Ore India IPO fully covered-exchange data | business | Hindustan Times
Today in New Delhi, India
Jul 28, 2017-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Manganese Ore India IPO fully covered-exchange data

State-run Manganese Ore India Ltd's initial public offering to raise up to $276 million was fully covered by mid-morning today, the second day of the issue launch, data from the stock exchange showed.

business Updated: Nov 29, 2010 12:12 IST

State-run Manganese Ore India Ltd's initial public offering to raise up to $276 million was fully covered by mid-morning on Monday, the second day of the issue launch, data from the stock exchange showed.

The firm, which is the largest producer of manganese ore in India, plans to invest 7.7 billion rupees ($168 million) over the next five years to boost capacity at its existing mines by about 40 per cent, its chairman said on Oct 20.

The government is selling a 10 per cent stake in the offer, while the state governments of Maharashtra and Madhya Pradesh are selling 5 per cent each.

The IPO will close on Tuesday for institutional investors and on Wednesday for retail investors. IDBI Capital, Edelweiss Capital and JP Morgan are the managers of the issue.