Indian government raises $585 million from Oil India sale

The offer for sale was about 2.6 times covered and the lowest clearing price equalled a 3.7% discount to the previous day’s close.

Indian government raises $585 million from Oil India sale
Oil India accounts for about 10% of domestic crude output

The Indian government was able to pocket at least Rs31.26 billion $585 million from its sale of a 10% stake in Oil India on Friday, bringing it one step closer to its target of raising $5.6 billion from asset sales in the current fiscal year.

According to data published on the websites of the Bombay and National stock exchanges, investors subscribed to about 154.14 billion shares in the oil and gas producer, which left the...

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