Oil India share auction base price set at 5.6% discount1 min read . Updated: 31 Jan 2013, 05:55 PM IST
Floor price for the auction will be `510 a share, as compared with its Thursday closing price of `540
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 ₹ 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 ₹ 510 a share, as compared to its Thursday closing price of ₹ 540. At the floor price, the government could raise about $575 million through the stake sale.