Financial Daily from THE HINDU group of publications
Saturday, Feb 21, 2004
Financial Daily from THE HINDU group of publications Saturday, Feb 21, 2004 |
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Markets
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IPOs Industry & Economy - Disinvestment IBP floor price to be declared today Our Bureau
New Delhi , Feb. 20 THE Government will announce the floor price of IBP Co Ltd for its proposed offer for sale of 5.75 million shares on Saturday. The public offer will open on February 23 and close on March 1, a merchant banker associated with the process said here on Friday. "With the fall in stock prices, the floor price of IBP would be lower than expected," he hinted. The offer constitutes 26 per cent of the residual equity held by the Government in IBP Co Ltd, now a subsidiary of Indian Oil Corporation (IOC). The Government had sold 33.58 per cent of its equity in IBP Co Ltd to IOC for Rs 1,153.68 crore at Rs 1,551 per share in February 2002, which now has management control over the oil marketing company. IOC acquired an additional 20 per cent equity in IBP Co Ltd through open offer under the Takeover Code thus hiking its stake in the company to 53.58 per cent. The remaining equity in IBP is held by LIC, GIC and mutual funds.
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