New Delhi, Oct 31 (UNI) Oil India Ltd today said the shareholders of the company has approved the further issue of shares which will dilute the governments stake in the company from the present 98.17 per cent to 78.43 per cent.
The Government of India is divesting 10 per cent of its equity to the general public and another 10 per cent stake will be divested to the other companies. The remaining stake will remain with the company employees, said a statement.
The OIL IPO is slated to hit the market in the first quarter of 2008. OIL proposes to issue 26,449,982 shares of par value of Rs 10 each to the public. Of this 2,404,544 shares will be given to its employees.