Orissa Manganese and Minerals (OMM), a subsidiary of Adhunik Metaliks plans to raise Rs 250-300 crore through a public issue later this year to fund its mining plans.

The security and exchange board of India (SEBI) has approved new guidelines for initial public offer (IPO). According to new rule, the investors have to pay the amount for allotted shares. The investors are exempted to pay 100 percent advance fees. The amount can be retained in bank account till the completion of entire allotment process.