Oil India IPO opens for subscription on September 7, 2009

The Initial Public Offering (IPO) of Oil India Ltd will open for subscription by investors on Monday - September 7, 2009. The IPO closes for subscription on Thursday - September 10, 2009. The company is coming out with an issue of 2,64,49,982 Equity shares or Rs 10 each for cash at a price band of Rs.950/- to Rs.1050/- through 100% book-building process.

The IPO will raise Rs 2513 Crores at lower band of the price limit and Rs 2777 Crores at the higher band of the price limit. The company has reserved 24,04,544 Equity Shares for employees of the company. The Net Issue Size is 2,40,45,438 Equity Shares (11% of post issue capital).

The Minimum Bid Size is 6 Equity Shares and multiple of 6 Equity Shares each.

The QIB portion is 60% of the Net issue size - at least 1,44,27,263 shares (Lower Band - Rs 1371 Crores, Higher Band - Rs 1515 Crores), Retail portion is 30% of Net issue size - not less than 72,13,631 shares (Lower Band - Rs 685 Crores, Higher Band - Rs 757 Crores) and HNI portion is 10% of Net issue size - not less than 24,04,544 shares (Lower Band -Rs 228 Crores, Higher Band - Rs 252 Crores).

Source : Equity Bulls

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