Mishra Dhatu Nigam files IPO papers with Sebi
New Delhi: State-owned Mishra Dhatu Nigam (MIDHANI) has filed preliminary papers with markets regulator Sebi to float an initial public offering.
The public issue will see sale of up to 46,835,000 equity shares, or 25% stake, by the company’s promoter, draft red herring prospectus (DRHP) filed with Sebi showed.
The initial public offer (IPO) will help in achieving the benefits of listing the equity shares on the stock exchanges.
Mishra Dhatu Nigam is engaged in the production of metals and alloys as part of an import substitution strategy, which is designed to reduce India’s reliance on foreign suppliers and achieve self-sufficiency.
The company earned a profit after tax (PAT) of Rs27.3 crore and a total revenue of Rs220.66 crore for the six months period ended 30 September 2017.
SBI Capital Markets and IDBI Capital Markets and Securities Ltd will manage the company’s public issue.
Earlier in April, the Cabinet had cleared the disinvestment of this PSU under the defence ministry and thereafter DIPAM had invited bids from merchant bankers and legal advisors for managing the stake sales.