The Government has fixed the floor or minimum price for sale of its 10 per cent stake in Oil India at Rs 510 per share, a 5.41 per cent discount to its market price, to garner Rs 3,065 crore for the exchequer.
The government proposes to sell 60 million shares or 10 per cent stake in the state explorer through the offer for sale (OFS) route and the auction would take place tomorrow. The OIL public offer, the third divestment this year, will help the government inch towards its Rs 30,000-crore revenue target from stake sales.
In a filing to the BSE, OIL said: “The floor price for the sale in terms of the Sebi OFS guidelines shall be Rs 510 per equity share of Oil India Ltd (the floor price).” The price is at a 5.41 per cent discount to the current market price. Shares of OIL closed at Rs 539.20, up 2.29 per cent over previous close on the BSE.