The stake sale received bids for over 28.74 crore shares, representing 1.18 times the 24.28 crore shares on offer as on 1525 hours, as per NSE data.
The floor price apiece was Rs 387. Thus the sale of 24.28 crore shares would add about...
Rs 9,300 crore to the exchequer, after considering 5 per cent discount being offered to retail shareholders.
The IOC share sale was pulled off by demand from institutional investors who bid for 27.85 crore shares, against 19.42 crore shares on offer. The portion was subscribed 1.43 times.
However, the retail demand remained lukewarm with bids for just 88.88 lakh shares coming in against 4.85 crore shares on offer.
IOC shares closed 4.11 per cent, or Rs 16.20 down at Rs 378.25 on the BSE.
The decline in IOC scrip followed the slump in broader markets.
The BSE sensex tanked 1,624.51 points, or nearly 6 per cent, to settle at 25,741.56 on August 24.
The IOC share sale is the fourth disinvestment this fiscal, but the biggest in 2015-16 so far. The government has already raised over Rs 3,300 crore through stake sales in three PSUs this fiscal.
The government is targeting to raise Rs 69,500 crore from disinvestment in the current fiscal.
The government holds 68.60 per cent interest in IOC.
Five bankers handling the share shale are CitiGroup, Deutsche Equities, Nomura, JM Financial and Kotak Securities.
Indian Oil Corporation Ltd. is India's largest company by sales with a turnover of Rs. 4,57,553 crore and profit of Rs 7,019 crore for the year 2013-14.
IOCL is the highest ranked Indian company in the latest Fortune ‘Global 500’ listings, ranked at the 96th position. IOCL's vision is driven by a group of dynamic leaders who have made it a name to reckon with.