Oil India share auction base price set at 5.6 percent discount

MUMBAI Thu Jan 31, 2013 4:50pm IST

A technician opens a pressure gas valve Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files

A technician opens a pressure gas valve Ahmedabad March 2, 2012.

Credit: Reuters/Amit Dave/Files

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MUMBAI (Reuters) - The base price for state-run Oil India Ltd's (OILI.NS) 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 $575 million.

The government will sell a 10 percent stake in Oil India through the auction, as part of its drive to raise 300 billion rupees by selling shares in some state enterprises in the 2012/13 fiscal year to March.

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

(Reporting by Sumeet Chatterjee; Editing by G.Ram Mohan)

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