Date : Jun-02-2009
The country's second largest state run explorer, Oil India Ltd. is likely to come up with an initial public offering (IPO) by September this year, company Chairman N M Borah said. He also said that the timing, however, would be decided in consultation with the government and after the approval of the company's board. The fundes generated from the IPO would be used to fund capex requirement for 2009-10 and 2010-11, Borah said.
The IPO will include an 11% fresh equity while the government would divest 10% of its stake at the IPO price. The government's stake in the company will then reduced to 78.5% from 98.13% post IPO and disinvestment.
Petroleum Secretary RS Pandey said the OIL's IPO was given a mandate to go ahead, but due to the prevailing market conditions, the company did not go ahead with the plan.
OIL has budgeted an Rs. 2,300-crore capital expenditure in 2009-10 and Rs. 2,400 crore for the next year.
The country's second largest state run explorer, Oil India Ltd. is likely to come up with an initial public offering (IPO) by September this year, company Chairman N M Borah said. He also said that the timing, however, would be decided in consultation with the government and after the approval of the company's board. The fundes generated from the IPO would be used to fund capex requirement for 2009-10 and 2010-11, Borah said.
The IPO will include an 11% fresh equity while the government would divest 10% of its stake at the IPO price. The government's stake in the company will then reduced to 78.5% from 98.13% post IPO and disinvestment.
Petroleum Secretary RS Pandey said the OIL's IPO was given a mandate to go ahead, but due to the prevailing market conditions, the company did not go ahead with the plan.
OIL has budgeted an Rs. 2,300-crore capital expenditure in 2009-10 and Rs. 2,400 crore for the next year.
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