Indian government offers Oil India stake at 5.6% discount

The government has set a floor price of Rs510 for today’s sale of a 10% stake in the oil and gas producer, implying a deal size of at least $574 million.

Indian government offers Oil India stake at 5.6% discount
Oil India’s R&D centre

The Indian government has set a floor price of Rs510 per share for its sale of a 10% stake in Oil India that will take place today. The floor price translates into a 5.6% discount versus yesterday’s close and indicates a minimum deal size of Rs30.66 billion $574 million assuming that it sells all the shares.

The sell-down will be done through an offer for sale OFS, an auction-like method that was pioneered in...

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