Till 01:34 PM, a combined 7.79 million shares changed hands on the counter against an average sub-three million shares that were traded daily in the past two weeks on the BSE and NSE.
IOC’ offer for sale (OFS) managed to scrape through on Monday with the help of domestic institutional investors. The issue was oversubscribed 1.43 times on the NSE, with the retail quota remaining undersubscribed.
According to data on the NSE website, the retail category was subscribed 0.18 times, while the general category, comprising domestic and overseas institutional investors, was subscribed 1.43 times.
Sources said that LIC bought almost 75% of the shares on offer, worth around Rs 7,000 crore. CLICK HERE TO READ FULL REPORT.
Meanwhile, Hindustan Petroleum Corporation (up 8% at Rs 820) and Bharat Petroleum Corporation (6% at Rs 868) were up more than 5% each on the BSE due to lower crude oil prices.