Business Daily from THE HINDU group of publications
Tuesday, Dec 18, 2007
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Business Daily from THE HINDU group of publications Tuesday, Dec 18, 2007 ePaper | Mobile/PDA Version |
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Petroleum Markets - IPOs Our Bureau Mumbai, Dec. 17 Government-owned Oil India Ltd, the country’s second largest oil and gas company as measured by total proved and probable oil and natural gas reserves and production, has filed its papers with SEBI for an initial public offer (IPO) that will partially dilute Government’s stake in the company. On offer are 2,64,49,982 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process. The issue constitutes 11 per cent of the fully diluted post-issue paid-up capital of the company. About 24,04,544 equity shares have been reserved for subscription by eligible employees. OIL is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India. It also processes the produced natural gas to extract liquefied petroleum gas. OIL was recently awarded exploration blocks in Yemen as part of a consortium. The company notched up total sales of Rs 5,389.20 crore and profit after tax of Rs 1,640 crore in 2006-07. All of the company’s independent proved plus probable oil reserves, as well as a majority of its independent natural gas reserves, are located onshore in the Upper Assam basin and Arunachal Pradesh. Additionally, it also has independent natural gas reserves in the Bikaner-Nagaur basin in Rajasthan, a company press release said. The issue is aimed at getting the benefits of listing and also utilise the proceeds for further exploration, purchase of capital equipment etc. The shares will be listed on BSE and NSE. Oil India may file IPO papers by mid-Nov Oil India appoints lead managers for planned IPO More Stories on : Petroleum | IPOs | PSU
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