News Release Details
Govt to sell Oil India stake to PSU refiners
New Delhi 11-Aug-2007
The government is planning to sell at percent stake in oil exploration and production company Oil India (OIL) to government-owned refinery companies. The government is also planning a maiden share sale to the public. ' The share sale, expected to be 10 per cent of an expanded share base of the company, would hit the market in February next, through which Rs 1,000 to Rs 1,500 crore will be raised, a top petroleum ministry official said. "We have sought the Cabinet nod for divestment of 10 per cent government stake along with the company's IPO," the official said,0iL, the country's second largest state-run oil explorer, plans to offer 10 per cent stake to the public and one per cent to its employees. The proceeds from the public offer will go to the company. The government will piggyback on the company's public offer and divest 10 per cent of its stake in the company in favour of government-owned refiners. IndianOil will pick up 5 per cent stake, while BP and HP will get 2.5 per cent stake each.
New Delhi 11-Aug-2007
The government is planning to sell at percent stake in oil exploration and production company Oil India (OIL) to government-owned refinery companies. The government is also planning a maiden share sale to the public. ' The share sale, expected to be 10 per cent of an expanded share base of the company, would hit the market in February next, through which Rs 1,000 to Rs 1,500 crore will be raised, a top petroleum ministry official said. "We have sought the Cabinet nod for divestment of 10 per cent government stake along with the company's IPO," the official said,0iL, the country's second largest state-run oil explorer, plans to offer 10 per cent stake to the public and one per cent to its employees. The proceeds from the public offer will go to the company. The government will piggyback on the company's public offer and divest 10 per cent of its stake in the company in favour of government-owned refiners. IndianOil will pick up 5 per cent stake, while BP and HP will get 2.5 per cent stake each.