IOC to aquire 5 pc stake in Oil India

Posted By: Staff
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Mumbai, Sep 15: Indian Oil Corporation (IOC) will shell out around Rs 1,100 crore for acquiring 5 percent stake in Oil India Ltd (OIL) before the PSU explorer gets listed on the bourses later this month.

IOC Chairman, Sarthak Behuria, "We will be buying one crore shares of Oil India, but we are waiting for the Government to fix the date of purchase."

"The PSU refiner is likely to shell out Rs 1,100 crore to pick up a 5 pc stake in OIL," he said.

The Government on Monday, Sep 14, fixed the price of the share at Rs 1,050 per share, raising about Rs 4,982 crore, sources said.

The public issue of OIL, which closed on Sep 10, was subscribed nearly 31 times, generating demand for shares worth over Rs 85,576 crore.

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