MOIL,Hind Copper,SBI seek Sebi nod for issues

The ongoing bull run on Dalal Street has prompted public sector outfits to rush for the regulator's nod for fund mobilisation.

The ongoing bull run on Dalal Street has prompted public sector outfits to rush for the regulator’s nod for fund mobilisation.

Two PSUs Manganese Ore India Ltd and Hindustan Copper on Monday filed draft prospectus with the Securities and Exchange Board of India (SEBI) for their public issues to be launched later this year. The countrys largest lender State Bank of India also filed papers with the SEBI for raising up to Rs 1,000 crore through issue of bonds to retail investors. While,Manganese Ore India approached SEBI for the 20 per cent stake sale,involving equity dilution by the Centre and two state governments,through an initial public offer (IPO),Hindustan Copper filed the papers for its proposed 20 per cent follow-on share sale,which is likely to raise as much as Rs 4,000 crore.

Hindustan Copper Ltd (HCL) has filed its Draft Red Herring Prospectus (DRHP) with SEBI for its proposed follow-on public offer, the Kolkata-based company said in a statement. Nagpur-based MOILs initial public offer,that may be launched in December,will see the Centre offloading its 10 per cent stake,while Madhya Pradesh and Maharashtra governments will dilute 5 per cent each of their stakes. The company is likey to offer 3.36 crore shares of Rs 10 each in its IPO slated for December.

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Post the share-sale,Centre’s equity in MOIL will come down to 71.57 per cent,while that of the Maharashtra government will be reduced to 4.62 per cent. Madhya Pradesh government will be left with 3.81 per cent share in the company. At present,the Centre holds 81.57 per cent in the company,Maharashtra 9.62 per cent and Madhya Pradesh 8.81 per cent stake. SBI has planned Rs 500-crore bond issue with an option to retain over subscription up to Rs 500 crore,aggregating to Rs 1,000 crore,SBI said in a draft prospectus filed with SEBI.

The bank intends to deploy the proceeds to augment its capital base in line with its growth strategy,it said. This is the first time when bonds are being issued by a bank for retail investors wherein the minimum application amount is Rs 10,000.

Coal India IPO gets top rating

Mumbai: Rating agency,CARE has assigned a CARE IPO Grade 5 grading to the proposed initial public offer (IPO) of Coal India Ltd,indicating the strong fundamentals of the IPO. The company plans to come out with its IPO of 631,636,440 equity shares of face value of Rs 10 each. CARE pointed out the assigned grading reflects Coal India Ltd (CIL)s dominance in the Indian coal industry. CIL contributes to around 82 per cent of coal production in India. CARE assigns IPO grades on a scale of Grade 5 to Grade 1,with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals.ENS