IOC to buy 5% stake in OIL

30 November 2007 13:22  [Source: ICIS news]

MUMBAI (ICIS news)--Indian Oil Corp (IOC) plans to acquire 5% equity shares in Oil India Limted (OIL) from the Indian government, the company said on Friday.

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.

Bharat Petroleum Corp Ltd (BPCL) also plans to acquire 2.5% of OIL’s share capital, ICIS news had earlier reported.

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)

By: Isha Jha
+65 6780 4359

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