Oil India stake sale issue floor price fixed at Rs 510 a share

Feb 01 2013, 01:08 IST
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SummaryGovernment has fixed the floor price for sale of its 10 per cent stake in Oil India at Rs 510 per share, a 5.41 per cent discount to its current market rate, to garner Rs 3,065 crore for the exchequer

Government has fixed the floor price for sale of its 10 per cent stake in Oil India at Rs 510 per share, a 5.41 per cent discount to its current market rate, to garner Rs 3,065 crore for the exchequer.

The government proposes to sell 6.01 crore shares or 10 per cent stake in the state explorer through offer for sale (OFS) route and the auction would take place on Friday.

The OIL public offer, the third disinvestment this fiscal, will help the government inch towards its Rs 30,000 crore revenue target from stake sales in profit making PSUs.

In a filing to the BSE, OIL said “the floor price for the sale in terms of the Sebi OFS guidelines shall be Rs 510 per equity share of Oil India Ltd (the Floor Price)”.

The price is at a 5.41 per cent discount to the current market price. Shares of OIL closed at Rs 539.20, up 2.29 per cent on the BSE.

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