FIIs put in Rs 1,800 crore for Oil India Limited's stake sale

NEW DELHI: Foreign investors lapped up as much 60% of the 6 crore shares in Oil India (OIL) that were put on offer, pumping in about Rs 1,800 crore to buy equity in India’s second biggest explorer.
The remaining 40% were subscribed by MFs, banks, HNIs, insurance companies and retail, a senior official said. Besides, OIL was the first offer for sale (OFS) where retail investors too were allotted shares, the official added.
Unlike in the previous PSU stake sale, FIIs have shown keen interest in the OIL disinvestment and the highest bid came in at Rs 527 a share, a 3.33% more than the floor or auction start price of Rs 510. The government had last week sold 10% stake in OIL, garnering over Rs 3,100 crore from the sale, a resounding success with the issue being lapped up by more than twice the number of investors originally targeted.
The OIL issue was fully subscribed even before the close of market hours. The issue got bids for 15.41 crore shares as against 6.01 crore on offer.