| OIL's IPO plans deferred to Oct |
| BS Reporter / New Delhi March 1, 2007 |
| Oil India (OIL), the country's second largest exploration and production company, is likely to offer 10 per cent of its share to the public in October this year, a few months later than planned. Petroleum Secretary MS Srinivasan had earlier this year said that the public offer, which is awaiting Cabinet approval, was likely to be floated in May. "We are hoping the government will clear our public issue in March. We will be ready to go to the market in six months after the proposal is cleared," T K Ananthkumar, director (finance), OIL, said. The company is hoping to raise Rs 1,500 crore through its maiden issue of shares. The funds will be utilised to push ahead the company |
