Oil India is trading higher by 3% at Rs 539 after the offer-for-sale (OFS) got good response oversubscribed by over two times.
The government offered to sell 60.1 million shares of Oil India at a floor price of Rs 510 each through stock exchanges to raise around Rs 3,100 crore. It received bids for more than twice the offer size, at an average price of Rs 517.99 rupees a share, according to data on the National Stock Exchange (NSE).
The issue attracted bids for 154 million shares worth nearly Rs 8,000 crore, about 2.5 times the shares on offer.
The stock opened at Rs 532 and hit a high of Rs 542 on NSE. A combined around 900,000 shares have changed hands on the counter in opening deals.
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