This is highest ever employee participation in disinvestment process of any company post OFS
The Employee Offer of Indian Oil Corporation (IOCL) got unprecedented response from the employees as nearly 40% of the employees participated in the offer. Employees grab this opportunity of employee offer and applied for 53.17% of 1,21,39,762 shares offered for allotment. This is highest ever employee participation in disinvestment process of any company post OFS. The employees participation in the disinvestment process of Government of India, gives the sense of belongingness to the company. The offer of shares by Government to eligible employees of IOCL was carried out from 2.5.2016 to 10 May 2016. The Government expects to realize Rs. 237 crore.The employee offer was pursuant to the decision of the Government to disinvest 10% paid up equity out of Government of India shareholding in Indian Oil Corporation (IOCL), on 13 May 2015. The Government had approved that shares may also be allotted to the eligible and willing employees of the Company up to a maximum of 0.5% of the paid up equity capital at a discount of 5%.
The OFS of IOCL was successfully completed on 24th August, 2015. The total realization was Rs. 9,369 crore. The lowest cut off during the OFS was Rs. 387/- per share. Accordingly, after 5% discount the offer price for employees was Rs. 367.65/- per share.
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