Indian Oil Corporation fell 3.66% to Rs 380 at 10:48 IST on BSE as the Offer for Sale by the Government of India to sell a 10% stake in the company through the stock exchanges mechanism began at 9:15 IST today, 24 August 2015.
Meanwhile, the S&P BSE Sensex was down 1,094.22 points or 4% at 26,271.85
On BSE, so far 2.92 lakh shares were traded in the counter as against average daily volume of 1.68 lakh shares in the past one quarter.
The stock hit a high of Rs 385.85 and a low of Rs 378.50 so far during the day. The stock had hit a record high of Rs 465.40 on 24 July 2015. The stock had hit a 52-week low of Rs 307 on 13 February 2015.
The stock had underperformed the market over the past one month till 21 August 2015, sliding 10.03% compared with 2.9% fall in the Sensex. The stock, however, outperformed the market in past one quarter, gaining 13.27% as against Sensex's 1.59% decline.
The large-cap company has equity capital of Rs 2427.95 crore. Face value per share is Rs 10.
By 10:45 IST, bids were received for a total of 3.52 lakh shares for the Offer for Sale (OFS) of Government of India (GoI) in Indian Oil Corporation (IOCL) through the stock exchanges mechanism, as per data from the stock exchanges. The OFS commenced at 9:15 IST and shall close at 15:30 IST today, 24 August 2015. The floor price for the OFS has been fixed at Rs 387 per share. Retail investors will be allocated shares at a discount of 5% to the Cut-Off-Price in the OFS.
IOCL announced after market hours on Friday, 21 August 2015, said that the promoter of the company, the government of India (GoI) has fixed floor price of Rs 387 per share for the offer for sale of 24.27 crore shares aggregating to 10% of the total paid up equity share capital of the company held by GoI in the company. The floor price of Rs 387 per share for the OFS was at a discount of 1.88% to the closing price of Rs 394.45 on Friday, 21 August 2015.
IOCL's net profit surged 155.1% to Rs 6435.70 crore on 19.7% decline in total income to Rs 102141.77 crore in Q1 June 2015 over Q1 June 2014.
The Government of India (GoI) held 68.57% stake in IOCL (as per the shareholding pattern as on 30 June 2015).
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