Indian Oil Corporation (IOC) FPO : To hit market by third-fourth week of Jan 2011

by khalid on 25/11/2010 · 0 comments

Estate owned Indian Oil Corporation (IOC) has informed the media that they will come out with a follow-on public offer (FPO) in third-fourth week of Jan 2011. The government plans to divest 10% of its equity in the company through the FPO translating into 24.27 crore equity shares. In addition, the company would also issue fresh equity equivalent to another 10% stake in the company, amounting to 19 crore shares. By this divestment, the government’s holding in IOC would be reduced to 64.57% as against the current 78.92%. The government is expecting to garner around Rs 20,000 crore by this IOC’s share sale programme.

Six investment banks has been hired by the company for managing the FPO that includes– Merrill Lynch, Citigroup, ICICI Securities, Morgan Stanley, SBI Capital and UBS.

Indian Oil Corporation (IOC) share’s CMP is Rs 361.60 on 25th Nov 2010.

Stay tuned to BelltheBull Blog for more on Indian Oil Corporation (IOC) FPO !

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