The government will rake in Rs 2,205 crore by selling 10 per cent of its stake in Oil India Ltd to Indian Oil Corporation (5 per cent), HPCL and BPCL (2.50 per cent each). Simultaneously, the company, a wholly owned government subsidiary, will raise Rs 2,777 crore at the upper end of the price band by diluting a 11 per cent stake. After the IPO and the stake sale, government’s stake will come down from 98.13 per cent 78.43 per cent. OIL has fixed the price band for its forthcoming IPO between Rs 950 and Rs 1,050 per equity share. The IPO will hit the capital market on September 7 and close on September 10.
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