Oil India Ltd, India’s second biggest public sector exploration firm, is likely to hit the market with an initial public offering of 10 per cent by October.
“We expect Cabinet approval in March-April and the IPO would come within six months after that,” OIL director (finance) T K Ananathkumar told reporters.
The company is engaged in the business of exploration, development, production of crude oil and natural gas, transportation of crude oil and production of LPG.
The IPO is not divestment of government equity and so the proceeds of the offer will go to the company and not to the government.
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