Feb 01, 2013 10:08 AM IST | Source: Reuters

Oil India share auction base price set at 5.6% discount

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 USD 575 million.

Oil India share auction base price set at 5.6% discount

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 USD 575 million.

The government will sell a 10 percent stake in Oil India through the auction, as part of its drive to raise Rs 30,000 core by selling shares in some state enterprises in the 2012-13 fiscal year to March.

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The floor price for the Oil India auction will be Rs 510 a share, as compared to its Thursday closing price of Rs 540. At the floor price, the government could raise about USD 575 million through the stake sale.

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