Manganese Ore shares rise by 50.7% on listing
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Manganese Ore shares rise by 50.7% on listing

Manganese Ore India Ltd. (MOIL) shares rose by 50.7% to 565 rupees a share in their trading debut on the National Stock Exchange, after its initial public offering raised $276 million. The stock rose to a high of 590 rupees after the listing.

business Updated: Dec 15, 2010 09:51 IST
Reuters

Manganese Ore India Ltd. (MOIL) shares rose by 50.7% to 565 rupees a share in their trading debut on the National Stock Exchange, after its initial public offering raised $276 million. The stock rose to a high of 590 rupees after the listing.

The IPO, through which the federal government sold a 10% stake and the governments of Maharashtra and Madhya Pradesh sold 5% each, was subscribed over 55 times.

MOIL produces more than half the manganese ore used in India. It operates 10 mines in the central Indian region covering Maharashtra and Madhya Pradesh.

First Published: Dec 15, 2010 09:50 IST