OIL auction sees good response; 2.40cr bids come in so far

The auction of Oil India (OIL) share saw good response from investors in the initial hours of sale today with bids coming in for over 2.40 crore shares in the first three hours of trade.

The government is offloading 6.01 crore shares or 10 per cent stake in OIL and has fixed a floor price of Rs 510 a share. The stake sale would fetch Rs 3,065 crore to the exchequer.

Shares of OIL opened on a weak note and fell by 1.34 per cent in the opening trade at Rs 532 apiece on the BSE. The one-day auction began this morning at 0915 hours on the stock exchanges and attracted bids for a total of 2.40 crore shares by 1250 hours against an offer of 6.01 crore shares.

Oil India expects to raise Rs 27000 cr through OFS: Dani

The indicative price which is the weighted average price of all vaild bids was Rs 522.60 a share, while the stock was quoting at Rs 531.65, down 1.40 per cent over previous close on  the BSE.

During the trade, OIL scrip fell to a low of Rs 521.30 on the BSE.

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