Oil India is trading lower by 3% to Rs 523 in late afternoon deals on BSE, on reports that the Empowered Group of Ministers (EGoM) is likely to meet today to decide on price and time of sale of government's 10% stake in the company.
“The Oil India offer for sale would be completed by Friday,” the Business Standard report suggests quoting a senior finance ministry official.
The government is considering to offload 10% stake or 60.10 million shares in the petroleum exploring company via the Offer-for-sale (OFS) route, likely to fix the base price at discount to the current market price, the media report suggests.
Currently, the government holds about 78.43% stake in the company.
The stock opened at Rs 540 and hit a low of Rs 521 on the BSE. A combined around 242,000 shares have changed hands on the counter so far on both the exchanges.