Public sector oil company Oil India's (OIL) offer for sale of 10% or 60.1 million shares was subscribed more than twice with the company receiving bids for 14.16 crore.

The government is expected to garner around Rs.3,100 crore via OIL disinvestment which will take it upto to over Rs.10,000 crore collected through stake sale in PSUs, but far short of its target of Rs.30,000cr this fiscal.

OIL received bids for 6.8 crore shares with 100% margin - bids that can be modified or cancelled - and 7.35 crore shares with 0% margin - bids that can be revised only upwards. The settlement is expected in two days.

The weighted average price of OIL shares is Rs.517.80 apiece while the closing price on NSE was Rs.525.50.

The company fixed the floor price at Rs.510 a share.

To ensure transparency in the offer for sale process, market regulator Security Exchange Board of India (SEBI) has ordered the indicative price or weighted average price should be disclosed throughout the trading session.