Indian Oil Corp said that it will buy one crore equity shares or 5% stake in Oil India Ltd before the PSU explorer gets listed on the bourses later this month.
“We will be buying one crore shares of Oil India, but we are waiting for the Government to fix the date of purchase,'' IOC Chairman,
Mr Sarthak Behuria chairman of ICO told PTI that the PSU refiner is likely to shell out INR 1,100 crore to pick up a five per cent stake in OIL.
Oil India Ltd last week hit the capital market to raise funds for expansion.
The Government fixed the issue price of the share at INR 1,050 per share raising about INR 4,982 crore.
The public issue of OIL which closed on September 10th was subscribed nearly 31 times, generating demand for shares worth over INR 85,576 crore.
The company offered 11% fresh equity to the public through the IPO at a price band of INR 950 to INR 1,050.
http://www.steelguru.com/news/index/2009/09/16/MTExOTMx/IOC_to_pick_up_5pct_stake_in_Oil_India.html
Tuesday, September 15, 2009
IOC to pick up 5pct stake in Oil India
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