Oil India IPO:Govt approves Oil India Limited IPO

The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave nod for Oil India Limited (OIL) to go in for an initial public offering (IPO) along with a sell-off of Government equity.

The committee had approved an IPO of 10% fresh equity of Oil India Limited along with the sale of 10 per cent of the Government’s stake in the existing share capital of the public sector oil exploration major. OIL has also been allowed to offer one per cent of its equity stake to employees. Out of the Government’s existing equity stake in OIL, 5 % is to be offered to Indian Oil Corporation, and 2.5 % each to Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL), the three state-owned oil marketing companies (OMCs).

The issue price or the price brand of Oil India Limited shares, would be cleared by an empowered Group of Ministers on disinvestment already in place.

For further updates on Oil India Ltd IPO,Ipo prices,subscription dates/details do check this blog regularly.