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Govt raises $585 million from OIL stake sale

Mumbai, Feb 2, 2013, Reuters: 21:37 IST
The Centre raised $585 million through 10 per cent stake sale in state explorer Oil India on Friday.

The government had offered 60.11 million shares at a floor price of Rs 510 per share for bids.

Before the offer, it held about 78 per cent of the company. By Friday's close, the Oil India offer had attracted bids for 154.14 million shares at an indicative weighted average price of Rs 517.99.

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