OIL FPO is planned during the current fiscal

Posted By: Staff
Subscribe to GoodReturns

OIL FPO is planned during the current fiscal
Indian govt. is planning to divest its stake in Oil India Ltd. (OIL) to meet the disinvestment target for the current fiscal year. OIL is state owned oil and gas company and is in the business of exploration, development and production of crude oil and natural gas.

The govt. has already given the permission to divest stakes in companies like power finance corporation (PFC), Hindustan Copper Ltd. (HCL), ONGC and SAIL. The follow-on public offer of these companies is expected to fetch close to Rs. 15,000 crore. Govt. divested 5% stake in PFC to garner Rs. 1,162 crore in May 2011. The offer comprised issue of about 172,165,005 fresh equity shares and sale of around 57,388,335 shares by the government, which has 89 per cent stake in the company.

Indian govt. has already listed PSUs like RINL, MMTC and NBCC for stake sale during the current fiscal. The disinvestment target for the current fiscal is close to Rs. 40,000 crore.

Indian govt. has collected close to Rs. 100,000 crore from the disinvestment program when it is launched in 1991-92. But govt. has decided to retain the management with 51% holding in these PSUs. There is also plan to list Central Public Sector Enterprises (CPSEs) to get listed in the equity market.

Read more about: oil, crude, bse, nse, fpo
Story first published: Monday, May 30, 2011, 9:30 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'