Kolkata: The government would dilute 22 per
cent of its stake in Oil India Ltd which is coming out with an Initial Public Offer.
OIL Executive director N Bhalla told reporters at
the company's roadshow here on Wednesday that post IPO, government holding in the PSU would come down to 78 per cent.
The PSU is hitting the market on September seven with
26,449,982 equity shares on an offer within a price band of Rs
950 and Rs 1,050 per equity share.
Bhalla said the company would start drilling operations
in Libya in October this year. Production at the Iran oilfield
would start in 2013, he said.
The issue would close on September 10.
Bureau Report
First Published: Wednesday, September 02, 2009, 19:54