September 08, 2008

MOIL denies IPO plans

Senior officials of Nagpur based Manganese Ore India Limited said that there is no proposal to divest its stake at present. The officials were reacting to media reports of the company submitting a proposal to disinvest around 20% of the central government's share in the company, through a public issue.

An executive of MOIL said that "There is no such plan at the moment. In fact, during the visit of Mr Ram Vilas Paswan union minister for chemicals, fertilizers & steel to Nagpur for inauguration of medical camp by MOIL in January, he mentioned in his speech that MOIL may also go for employee’s stock option like many other PSUs in the India."

He added that "Accordingly, MOIL had earlier approached its administrative ministry with a proposal for ESOP. There is, however, no proposal to divest 20 % but the proposal is related to employees stock option."