Oil India IPO

Oil India (OIL) will come out with an Initial Public Offering (IPO) in Jan-Mar next year to raise upto Rs 2,000 crore by off-loading 10 per cent of its stake.

"We will come out with an IPO by the last quarter of the financial year and raise up to Rs 2,000 crore by diluting 10 per cent stake," OIL's Chairman and Managing Diector M R Pasrija told reporters here on Satarday.

OIL is engaged in the business of exploration, production and transportation of crude oil and natural gas. It currently produces 25 million barrels of crude oil per annum and 6.6 million cubic metre of gas a day.

Pasrija said that the Government would also dilute additional 10 per cent stake in the company through disinvestment. The Government has 98.13 per cent sake in the company now.

He said one per cent stake in the company would be offered to the employees.