Oil India IPO on Sept 7

Mumbai: Oil India (OIL) will make its first public offering of shares on September 7. Simultaneously, the government will also dilute 10% of its equity in the firm. The price band is likely to be decided on August 25, according to investment banking sources associated with the stake-sale process. This will be the second PSU stake sale after NHPC, which was oversubscribed three-and-a-half times on its opening last Friday. Along with NHPC, OIL was listed for IPO and simultaneous government stake sale during UPA-1. But both the offering plans were shelved after the market tanked due to the global slump. OIL will offer 2.64 crore equity shares to the public while the government will sell 10% of its equity to state-run refiners.