Indian Models and Bollywood Actress Yana Gupta Manganese Ore India Ltd (MOIL) on November 26 will launch an initial public offering of shares that could raise up to $270 million, two sources with direct knowledge of the transaction said on Thursday.
The issue will close for institutional bidders on November 30 and on December 1 for retail investors, said the sources, who refused to be named as they were not authorised to speak to the media.
The firm, which is the largest producer of manganese ore in India, plans to invest 7.7 billion rupees ($170 million) over the next five years to boost capacity at its existing mines by about 40 per cent, its chairman said last month.
Manganese Ore filed a draft prospectus in September for its IPO . The federal government is selling a 10 per cent stake in the offer, while the state governments of Maharashtra and Madhya Pradesh are selling 5 percent each.
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