OIL public issue to open 7 September
29 Aug 2009
Oil India Ltd (OIL), India's second-largest state-run oil explorer, will come out with an initial public offer (IPO) on 7 September.
The offer will remain open between 7 and 11 September and the issue price-band has been fixed between Rs950 and Rs1,050 per equity share.
A total of 26.4 million equity shares will be on offer through the IPO.
The government will divest 10 per cent of its stake in the company through the IPO also aims to net 11 per cent fresh equity.
The government's stake in the company will shrink to 78.5 per cent from the current 98.13 per cent post IPO and disinvestment.
The proceeds from the issue will go towards funding capex requirement for 2009-10 and 2010 and 2011 during which expansion plans of Rs2,300 crore and Rs2,400 crore have been lined up.
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