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

Related Topics

Stocks

   
Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Diplomacy

REUTERS SHOWCASE

Maruti Results

Maruti Results

Maruti Suzuki says profits helped by sentiment, not growth.  Full Article 

Tracking the Monsoon

Tracking the Monsoon

Monsoon turns patchy after revival.  Full Article 

ICICI Profit Up

ICICI Profit Up

ICICI Bank Q1 net profit up 17 percent, beats estimates.  Full Article 

Pharma Sector

Pharma Sector

FDA raises concern over drug production process at Cadila  Full Article 

Coal India

Coal India

Some Coal India mines may be run by foreign firms - minister  Full Article 

Fuel Prices

Fuel Prices

IOC to cut petrol prices by 1.5 pct from Friday  Read 

Economic Pulse

Economic Pulse

India's infrastructure output growth hits 9-month high in June  Full Article | Related Story 

Joint Bid

Joint Bid

ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage