MOIL, set up in 1986, is the largest producer of manganese ore in India with access to significant reserves. In FY16, it produced 10.32 lakh tonnes of Manganese Ore. MOIL had manganese ore resources of 49.72 MT and reserves of 31.72 MT, totalling it to 81.47 MT as on April 1, 2016.
The company operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. MOIL produces and sells various grades of Manganese Ore (high grade ores for production of Ferro manganese, medium grade ore for production of Silico manganese, blast furnace grade ore required for production of hot metal, and dioxide for dry battery cells and chemical industries).MOIL has installed wind farms for captive power requirement and to promote non-conventional energy resources. The present capacity is 20 MW.
The Offer for Sale was priced at a floor price of INR 365 per equity share (Face Value: INR 10) and received an overwhelming response as bids of 3.3 crs. shares were received against an issue size of 1.33 cr shares leading to an oversubscription of ~2.5x. The Retail category was oversubscribed 6.4x while the Non-Retail category was oversubscribed 1.5x. After NHPC and HCL OFS, this is the 3rd OFS deal by Edelweiss for DIPAM in FY17. Edelweiss was also the left lead BRLM for the IPO of MOIL Limited which was oversubscribed close to 56x.
Edelweiss Financial Services
Advised in the sale of
MOIL Limited
to