Oil India Share Sale Will Help Government Raise $582 Million
This article is for subscribers only.
The government will raise at least 31 billion rupees ($582 million) selling shares in Oil India Ltd., the nation’s second-biggest state explorer, helping shrink a budget deficit.
The offer to sell 60.1 million shares was oversubscribed more than two times, with investors bidding an average price of 517.99 rupees a share, compared with a minimum of 510 rupees, according to data on the National Stock Exchange’s website. The government, which owns more than 78 percent of Oil India, has yet to set the final price.