The Centre is expected to raise about ₹237 crore from the offer of shares to employees of Indian Oil Corporation made earlier this month .
As part of the 10 per cent disinvestment in IOC last August, the government had decided to offer up to a maximum of 0.5 per cent of the paid-up equity capital at a discount of 5 per cent to eligible and willing employees of the State-run oil refiner-cum-retailer. The offer was carried out between May 2 and May 10. “Employees applied for 53.17 per cent of the 1.21 crore shares offered for allotment,” said the Finance Ministry on Wednesday, adding that 40 per cent of the total employees participated in the offer.
“This is the highest ever employee participation in the disinvestment process of any company post offer-for-sale,” it said.
The Centre had raised ₹9,369 crore last August. The lowest cut off during the offer-for-sale was ₹387 a share. After the 5 per cent discount, the offer price for employees was ₹367.65, said the Ministry.