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Money Jan 31, 2013

Oil India offers 5.6% discount on OFS base price

Mumbai: The base price for state-run Oil India Ltd's share sale, to take place on Friday, has been set at a 5.6 percent discount to its share price, the company said, in a deal that will raise about $575 million.

Discount on shares. Image courtesy OIL

Discount on shares. Image courtesy OIL

The government will sell a 10 percent stake in Oil India through the auction, as part of its drive to raise Rs 30,000 crore 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 Rs 510 a share, as compared to its Thursday closing price of Rs 540 rupees. At the floor price, the government could raise about $575 million through the stake sale.

Reuters


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