Steps to apply to Offer for Sale (OFS) in India:

- You need to have a demat and trading account to apply to an OFS

- Once the OFS starts, you can participate in the process yourself using your online trading accounts such as ICICI Direct, Kotak Securities etc. by placing your bids under the IPO / OFS section of their respective broking websites

- You will be given application form number / confirmation reference for your application

MOIL Limited came up with an offer for sale of equity shares through the exchanges on 24th and 25th January, 2017. The offer was subscribed around 6 times according to NSE website

Stock Exchanges share allotment report with Trading Members at the end of the day i.e. after 6:00 P.M. on the day of OFS. Investor can get the information from their trading members on the same day

Hence, MOIL OFS allotment status may be checked with your respective trading member or brokerage house

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Brief profile of MOIL:
MOIL is a Schedule “A” Miniratna Category-I Company. It was originally incorporated as Manganese Ore (India) Limited in the year 1962. Subsequently, name of the Company was changed from Manganese Ore (India) Limited to MOIL Limited during the financial year 2010-11.

MOIL: Historical Background
MOIL was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK.

In 1962, as a result of an agreement between the Government of India and CPMO, the assets of the latter were taken over by the Government and MOIL was formed with 51% capital held between the Govt. of India and the State Governments of Maharashtra and Madhya Pradesh and the balance 49% by CPMO.

It was in 1977, the balance 49% shareholding was acquired from CPMO and MOIL became a 100% Government Company under the administrative control of the Ministry of Steel.

MOIL got listed on 15th December, 2010 on National Stock Exchange and Bombay Stock Exchange during the Financial year 2010-11

MOIL: Operational details
At present, MOIL operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. All these mines are about a century old. Except 3, rest of the mines are worked through underground method.

The Balaghat Mine is the largest mine of the Company. The mine has now reached a mining depth of about 383 meters from the surface. Dongri Buzurg Mine located in the Bhandara district of Maharashtra is an opencast mine that produces manganese dioxide ore used by dry battery industry. This ore in the form of manganous oxide is used as micro-nutrient for cattle feed and fertilizers.

MOIL fulfils about 50% of the total requirement of dioxide ore in India. At present, the annual production is around 1.1 million tonne which is expected to grow in the coming years. 

MOIL produces and sells different grades of Manganese Ore:

•    High Grade Ores for production of Ferro manganese
•    Medium grade ore for production of Silico manganese
•    Blast furnace grade ore required for production of hot metal and
•    Dioxide for dry battery cells and chemical industries.

MOIL has set up a plant based on indigenous technology to manufacture 1,000 MT per annum capacity of Electrolytic Manganese Dioxide (EMD)

The equity shares of MOIL tumbled close to 4 percent on the day the company opened its offer for sale for sale of equity shares

The shares landed at Rs.368.25 on BSE and Rs.368.10 on the NSE, very close indeed to the floor price fixed for the offer for sale of Rs.365 a piece

The offer for sale would be open for retail investors tomorrow. Although retail investors would be eligible to a 5 percent discount on the final issue price decided, it remains to be seen if the investors would be keen to throw the dice with this one, considering such closeness in prices between floor price and market price

MOIL is coming up with an Offer for Sale (OFS)

Click here to download the official announcement from NSDL