The announcement was made after market hours on Wednesday, 30 January 2013.
Meanwhile, the BSE Sensex was down 16.66 points or 0.08% at 19,988.34.
On BSE, 2,138 shares were traded in the counter as against average daily volume of 1.17 lakh shares in the past two weeks.
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The stock hit a high of Rs 525.90 and a low of Rs 518.95 far during the day.
Oil India after trading hours on Wednesday, 30 January 2013, said that the Government of India (GoI) will sell 6.01 crore shares constituting 10% of the total paid up capital of Oil India via Offer for Sale (OFS) through the stock exchanges mechanism on Friday, 1 February 2013. The OFS will start at 9:15 IST and end at 15:30 IST on Friday, 1 February 2013. The floor price for the OFS will be disclosed after market hours on Thursday, 31 January 2013. Shares of Oil India dropped 2.3% to settle at Rs 527.15 on BSE on Wednesday, 30 January 2013, ahead of the announcement.
GoI currently holds 78.43% stake in Oil India. The GoI's stake would come down to 68.43% after the stake sale.
Oil India is a public sector oil and gas company under the administrative control of the Ministry of Petroleum and Natural Gas, GoI. The company is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas.
Oil India's net profit fell 16.2% to Rs 954.57 crore on 26.1% decline in net sales to Rs 2401.72 crore in Q2 September 2012 over Q2 September 2011.
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