OIL expects SEBI clearance for IPO by this week

OIL expects SEBI clearance for IPO by this week
State-run Oil India (OIL) on Monday said it expects to receive Sebi clearance for its maiden public offering within this week or the next, a top official told said here.
"After filing the DRHP last December, we have given a letter to Sebi highlighting the recent developments. We expect to get its approval either this week or the next week," OIL Chairman and Managing Dierector M R Pasrija told the media.
The Government owns 98.13 per cent stake in OIL and the remaining is with the employees and others. Post-issue, Government's stake would come down to 78.5 per cent.
The company will dilute 10 per cent stake to public through IPO, 10 per cent again for oil marketing companies like IOC, HPCL and BPCL at IPO price.