Government has put off the initial public offering (IPO) of oil producer Oil India Ltd (IOL) due to the adverse market condition. Government holds 98.13 per cent stake in OIL, which produces nearly four million tones of crude oil a year. After IPO government holding will come down to 78.43 per cent.
Company had received all approvals for the IPO of .64 crore equity shares from market regulator SEBI and the IPO was planned to enter the market on 10th November but now government is thinking about the timing.
According to R S Pandey , the Petroleum Secratery, "Situation is not very conducive to issue any IPO. One would like to wait for some time.
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