30 November 2007 13:22 [Source: ICIS news]
The company would buy 10.7m shares in OIL, at an equivalent to the issue price at which the company is planning its initial public offering (IPO), it said.
The purchase will be completed within 48 hours of OIL’s determination of the share price, and prior to the company’s IPO, it added.
IOC's shares closed up nearly 2.3% at Indian rupees (Rs) 541.40 ($13.7), and BPCL's at Rs386.20, up just under 1% on the Bombay Stock Exchange.
($1 = Rs39.65)
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