The people of India don’t seem to be getting enough of Indian Oil Corp! It’s going off the hook

At least 57.50% of the Rs 9,302-crore government share sale in Indian Oil Corp (IOC) was subscribed by 1 p.m. on Monday, but retail subscription was not as enthusiastic in the wake of decline in stock exchanges.

According to the data available from stock exchanges at 1 p.m., a total of 13.95 crore shares were bid for out of 24.28 crore share on offer at a minimum price of Rs 387.

The IOC share sale is the fourth disinvestment this fiscal but the biggest in 2015-16 so far.

Moreover, the government holds 68.60% interest in IOC.

The sale began at 9:15 a.m. and received some demands from the retail investors, who are also getting 5% price discount. As against 4.85 crore shares reserved for them, bids for over 22.96 lakh shares or 4.73% came in at 1:05 p.m.

At the floor price, if the issue is fully subscribed the government, after considering 5% discount being offered to retail shareholders, will garner about Rs 9,302.21 crore.

(Image: Indiatimes)