MUMBAI (Reuters) - The government's 10 percent stake sale in top state-run refiner Indian Oil Corp Ltd received bids for more than the number of shares on offer, according to the stock exchange data on Monday.
By 3:25 p.m. (1003 GMT), investors had submitted bids for 1.18 times the total number of shares being auctioned with most offer being made at floor price of 387 rupees apiece, the data showed. The auction ended at 3:30 p.m.
At the auction floor price, Indian Oil's 10 percent stake, being sold by the government as part of its drive to raise funds by selling off assets, is valued at roughly 94 billion rupees ($1.41 billion).
($1 = 66.7000 rupees)
(Reporting by Sumeet Chatterjee; Editing by Anand Basu)