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Mishra Dhatu Nigam Ltd’s (MIDHANI), initial public offer (IPO) opens today for subscription on March 21 and the issue will close on March 23. It is a leading manufacturer of special steels, superalloys and the only manufacturer of titanium alloys in India.
The company has fixed the price band of Rs.87-Rs.90 per equity share, of the face value of Rs.10 each of the company. Bids can be made for a minimum of 150 equity shares and in multiples of 150 shares thereafter.
The IPO comprises of an offer of 4,87,08,400 equity share, an offer for sale by the President of India acting through the Ministry of Defense, It consists of a reservation of up to 18,73,400 equity shares for subscription by eligible employees and the net public offer of 4,68,35,000 equity shares.
Further, the government aims to raise Rs.438 crore from this IPO. The major objective of the issue is to carry out the disinvestment of 46.83 million equity shares, by the selling shareholder constituting 25% of company’s pre-offer paid up equity shares capital and to achieve the benefits of listing the equity shares on the stock exchanges.
