A day after the government’s disinvestment in Indian Oil Corporation sailed through despite domestic bourses tanking, the oil PSU said the Life Insurance Corporation of India has increased its stake in the company to 11.11 per cent from 2.52 per cent. 394.00 and has touched a high and low of Rs. The stock had hit a 52-week low of Rs 307 on 13 February 2015. The current market cap of the company is Rs.
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This translates into almost 86 per cent of the 24.28 crore shares on offer as part of the disinvestment in IOC. If fully subscribed by 3.30 pm, the stake sale should help it garner Rs 9,302 crore from the capital market. The company has signed an agreement with Nepal Oil Corp (NOC) to lay a Rs 275-crore oil pipeline from Raxaul in Bihar to Amlekhgunj in Nepal, it said in a regulatory filing on Tuesday. This pipeline will ensure long term supply of petroleum products to Nepal from IOC as well as stability of supplies from India to Nepal, which will benefit both the countries.
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Meanwhile, the finance ministry on 24 August 2015, announced that despite adverse market conditions, the Offer for Sale (OFS) for divestment of Government of India’s 10% stake in IOCL through the stock exchanges mechanism was oversubscribed. SAIL’s 5.82% stake sale (first tranche) in March 2013 also saw LIC acquire almost 70.6% of the shares on offer, and more than two-thirds of the shares offered in the second tranche of Hindustan Copper’s disinvestment in July 2013. India exports about $1.1 billion worth of petroleum products per annum to Nepal.
