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Article: India : Oil India IPO subscribed 31 times.

Article from:
TendersInfo
Article date:
September 11, 2009
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Byline: pinto03

The initial public offer (IPO) of Oil India Ltd was subscribed nearly 31 times on account of a strong response from institutional investors. It closed today, after opening on Monday.

The company s IPO, which opened on September 7, closed today. Along with the issue of 26.45 million shares, the government is looking to sell a 10 per cent stake to three state-owned oil refining-cum-marketing companies, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum.

The IPO was priced in a band of Rs 950-1,050 per share. At the upper end, the company will mop Rs 2,250 crore.

OIL had been planning to list for a while. It ...

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