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.
<div style="text-align: left;">
Oil India accounts for about 10% of domestic crude output
</div>
<div style="text-align: left;"> Oil India accounts for about 10% of domestic crude output </div>

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 deal close to 2.6 times covered. The weighted average price of the bids received also referred to as the indicative price was Rs517.99 per share, which was a slight premium to the floor price of...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222