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Oil India Ltd's Share Auction Base Price Set At 5.6% Discount-Reuters


Thursday, 31 Jan 2013 06:18am EST 

Reuters reported that the base price for state-run Oil India Ltd's share sale, to take place on February 1, 2013, has been set at a 5.6% discount to its share price, the Company said, in a deal that will raise about $575 million. The Indian government will sell a 10% stake in Oil India through the auction, as part of its drive to raise INR300 billion ($5.6 billion) by selling shares in some state enterprises in the 2012/13 fiscal year to March. The floor price for the Oil India auction will be INR510 a share, as compared to its closing price of INR540 on January 31, 2013. At the floor price, the government could raise about $575 million through the stake sale. 

Company Quote

560.65
-1.15 -0.20%
2:04am EST