Corporate News Details
Oil India Ltd (OIL) is planning to launch an initial public offering (IPO) in the first week of September.
According to a source, the company will go for IPO and the offering will open for public subscription in the first week of September. However, he added that the final timing of the IPO would depend on market conditions.
The company had received all approvals for the IPO from Securities and Exchange Board of India. "The approvals are valid till September 10," the source said.
OIL will offer 2.64 crore equity shares to public in the IPO, while the government will at the same time sell 10 per cent of its stake in the company to state refiners. After the disinvestment, government's stake in the company will reduce from 98.13 per cent to 78.5 per cent.
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