OIL hits the floor with 4.38 pc premium on NSE | business | Hindustan Times
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OIL hits the floor with 4.38 pc premium on NSE

Oil India Ltd on Wednesday got listed with a premium of 4.38 per cent on the National Stock Exchange, over its issue price of Rs 1,050 a share.

business Updated: Sep 30, 2009 11:23 IST

Oil India Ltd on Wednesday got listed with a premium of 4.38 per cent on the National Stock Exchange, over its issue price of Rs 1,050 a share. On the NSE, Oil India opened with a premium of 4.38 per cent at Rs 1,096. The stock then climbed to Rs 1,127 a piece before skidding to Rs 1,090.

Shares of the state-run explorer, however, opened 2.95 per cent down on the Bombay Stock Exchange at Rs 1,019. Within seconds, the stock touched a low of Rs 1,019 and later rose to Rs 1,125.

In the opening trade a total of 27,50,914 shares of Oil India changed hands on both the bourses.

The issue price of Oil India's 2.64 crore shares initial public offering had been fixed at Rs 1,050 per share, raising a cumulative Rs 4,982 crore.

The IPO of Oil India had got subscribed over 30.6 times on the final day of closing with institutional buyers flocking the counter with maximum number of bids.

Post-IPO and disinvestment, the government's stake in the company will decrease to 78.50 per cent from the present 98.13 per cent.

This is the second PSU stake sale after NHPC during the second term of the UPA government. Earlier, state-run NHPC and Adani Power had made a subdued debut on the bourses and analysts believe over pricing of both issues may have spurned investors on their listing days.