Saturday, August 29, 2009

OIL IPO to hit market soon

GUWAHATI, Aug 29: Oil India Limited (OIL) has launched its first Initial Public Offering (IPO). Public issues will start on September 7 and end on September 10.

The price has been fixed between Rs 950 and Rs 1,050 per equity share for an IPO of 26,449,982 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book building process. The issue comprises a net issue to the public of 24,045,438 equity shares and a reservation of 2,404,544 equity shares for subscription by eligible employees at the issue price. The issue will constitute 11 per cent of the fully diluted post-issue capital of the company.

At least 60 per cent of the net issue is required to be allocated to Qualified Institutional Buyers (QIB) on a proportionate basis out of which 5 per cent shall be available for allocation on a proportional basis to mutual funds. Further, not les than 10 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 30 per cent of the net issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids. The minimum bid lot size is six equity shares. THE SENTINEL

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