MUMBAI 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)
Global central bankers, stuck at zero, unite in plea for help from governments
JACKSON HOLE, Wyo. Central bankers in charge of the vast bulk of the world's economy delved deep into the weeds of money markets and interest rates over a three-day conference here, and emerged with a common plea to their colleagues in the rest of government: please help.
Qatar National Bank gets go-ahead to open branch in India
DOHA Qatar National Bank (QNB) has been given approval to open a branch in India offering banking services, the Gulf region's largest lender said on Sunday.
China's businesses may save nearly $23 billion a year under new measures - think tank
BEIJING Companies in China may save up to 150 billion yuan ($22.5 billion) a year if they are allowed to contribute less to employees' social security and housing plans, a research institute at the top economic planning agency said on Monday.