Indian Oil falls as government begins stake sale
The stock dipped 4% to Rs 378 on the NSE, falling below its floor price of Rs 387 per share fixed for the offer-for-sale.
 "Indian Oil falls as government begins stake sale")
Shares of Indian Oil Corporation dipped 4% to Rs 378 on the National Stock Exchange (NSE), falling below their floor price of Rs 387 per share fixed for the offer-for-sale (OFS), which opens today.
In an announcement to the exchanges, the government issued an OFS notice for 242.8 million equity shares with face value of Rs 10 each through a separate window provided by the BSE and the NSE.
About 48.5 million shares, or 20% of the shares on offer, are reserved for retail investors, who will also be offered an additional discount of 5%.
Following the OFS, the government's stake in IOC would stand at 68.92%.
At 09:17 AM, the stock was down 3% at Rs 383 on the NSE. A combined 1.09 million shares changed hands on the counter on the NSE and BSE.
In an announcement to the exchanges, the government issued an OFS notice for 242.8 million equity shares with face value of Rs 10 each through a separate window provided by the BSE and the NSE.
About 48.5 million shares, or 20% of the shares on offer, are reserved for retail investors, who will also be offered an additional discount of 5%.
Following the OFS, the government's stake in IOC would stand at 68.92%.
At 09:17 AM, the stock was down 3% at Rs 383 on the NSE. A combined 1.09 million shares changed hands on the counter on the NSE and BSE.