OIL India IPO price band fixed

Oil India Limited, a Mini-Ratna Category-I public sector undertaking engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India, has fixed the price band between Rs950 and Rs1,050 per equity share for its IPO of 2.65 crore equity shares of Rs10 each. The price is to be decided through a 100 per cent book-building process.

The bid/issue opens on September 7, 2009, and closes on September 10, 2009, the company said on Friday. The issue will constitute 11 per cent of the fully diluted post-issue capital of the company. The IPO has been graded by Crisil with a grade of 4/5.

At least 60 per cent of the net issue is required to be allocated to Qualified Institutional Buyers on a proportionate basis out of which 5 per cent shall be available for allocation to Mutual Funds and not less than 30 per cent of the issue shall be available to retail investors.