Oil India, the country's second largest oil and gas producer, has set the price range for its upcoming initial public offering, confirming that it is seeking to raise between Rs25.2 billion and Rs27.8 billion $520 million to $574 million, sources said yesterday.
The price will range from Rs950 to Rs1,050 per share and the IPO will be open for subscriptions from September 7 to 10. The shares are expected to start trading by October 1.
The state-owned company is selling 11% of its enlarged share capital through the IPO and another 10% at the IPO price to three state-run refiners Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum Corporation. The second sale will allow...
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