The Hindu Business Line : OIL awaits nod for appointment of independent directors

Oil India Ltd (OIL) is expecting the Centre to clear appointment of independent directors to be over by next month. This will clear the deck for the company to hit the capital market with its proposed Rs 1,400-crore initial public offering (IPO).

While a final decision on the timing of the IPO will be taken in consultation with the issue advisors, the company is hopeful that the prevailing market conditions would not pose any hurdle before the company for going ahead with the issue immediately after getting the Cabinet approval for appointment of independent directors.

Though the search committee of public enterprises selection board selected seven persons to be on board of OIL to conform the Clause-49 of the listing agreement, OIL was waiting for the Cabinet approval clearing the appointments for more than two months.

“The appointment of new directors is in its last leg of finalisation. We think it would be through in May,” an OIL source told Business Line.

On whether the company would wait till market conditions improve, the official added: “We will decide on timing of the issue in consultation with the issue merchant bankers. We are confident about the success of the issue, as and when it comes.”

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