IOC to hit markets with Rs 190bn FPO : report

Indian Oil Corporation (IOC) is likely to raise about Rs 190bn from capital market. Half the proceeds would go to the government, which will offload 10% of IOC shares to help it meet its disinvestment target of Rs 400bn this fiscal. In addition, the company will issue new shares amounting to another 10% of its equity capital to help the country’s largest state refiner build new units. IOC will start shortlisting merchant bankers next week for its public issue. The IOC public offer may hit the market by January, adding to the rush of equity and debt issues aggregating to an estimated Rs 800bn in the next six months.