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Mishra Dhatu Nigam (MIDHANI), will open its initial public offering (IPO) for subscription on March, 21 and the offer will close on March, 23. It has a price band of Rs.87-90 per share.
The IPO comprises of an offer for sale of 4,87,08,400 equity shares 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 eligible employees.
The company plans to raise Rs.438.4 crore via the issue at the higher end of price band. Furthermore, the company will not receive any proceeds from the offer, as it is an offer for sale and all the proceeds will go to the government. Post issue the government’s holding will decline to 74%.
