NEW DELHI: Shareholders of state explorer Oil India Ltd today approved an initial public offering (IPO) of the company in first quarter of 2008.
"In the 69th Extraordinary General Body meeting of OIL, the shareholders of OIL approved further issue of share capital. The resolution was passed unanimously," a company press release said here.
The OIL IPO is slated to hit the market in the first quarter of 2008. OIL plans to issue 2.64 crore shares of par value of Rs 10 each to the public. Out of this, 24.04 lakh shares will be given to its employees.
Currently, the government has 98.17 per cent stake in the company, while the remaining stake is with employees. After the IPO, government's stake will come down to 78.43 per cent. The government is divesting 10 per cent of its equity to the general public. Besides, a similar quantum is being sold to Indian Oil, Bharat Petroleum and Hindustan Petroleum. The remaining stake will remain with the employees.
OIL currently produces around 3.30 million tons of crude annually, around 7 million standard cubic meters per day of natural gas and more than 45,000 tonnes of LPG annually. Most of these come from its traditionally rich oil and gas fields concentrated in the northeastern region.
The search for newer avenues has seen OIL spreading out its operations in onshore/offshore Orissa and Andaman, deserts of Rajasthan, plains of Uttar Pradesh, riverbeds of Brahmaputra, Krishna-Godavari Basin and offshore of Saurashtra.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment