Oil India eyeing Rs 1,500 crore via IPO

New Delhi, Jun 4 (UNI) State-owned exploration major Oil India plans to raise Rs 1,500 crore through its proposed initial public offer (IPO).

It has sought the finance ministry's approval for a 10 per cent IPO, however, no decision about the timing of the offer has been taken, sources said.

The IPO proceeds would be used to part-finance its expansion activities.

Meanwhile, the government has also expressed its desire to offload a 10 per cent stake in OIL with the IPO. The government holds 98.13 per cent stake in the company while the balance 1.87 per cent is held by the employees.

The exploration major plans to invest Rs 15,000 crore over the next five years in the exploration segment, which includes overseas acquisitions, along with IOC.

UNI