Mumbai: The base price for state-run Oil India Ltd’s share sale, to take place on Friday, has been set at a 5.6% discount to its share price, the company said, in a deal that will raise about $575 million.
The Indian government will sell a 10% stake in Oil India through the auction, as part of its drive to raise Rs.30,000 crore by selling shares in some state enterprises in the 2012-13 fiscal to March.
The floor price for the Oil India auction will be Rs.510 a share, as compared to its Thursday closing price of Rs.540. At the floor price, the government could raise about $575 million through the stake sale.
