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. Vedanta's core earnings jump on oil and gas boost
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. OilMin for doubling gas price to $8-8.5 per mmBtu