MOIL Said Likely to Sell Shares at Top of Range in India IPO

Bloomberg reports that MOIL Ltd., India’s largest producer of manganese ore, is likely to sell shares at the top of the range in its initial offering, raising 12.4 billion rupees.

The market news is quoted as saying:

The federal government and two states will probably sell a 20 percent stake at 375 rupees a share, the bankers said, declining to be identified before an announcement. Ministers will decide the price in the next few days, the bankers said.

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