IOC OFS Oversubscribed by 18%

Despite adverse market conditions, the Indian Oil Corporation Limited (IOCL) OFS has been endorsed by the institutional investors as the Issue was oversubscribed, and the Institutional bucket subscribed 143% and the retail bucket subscribed 18%

Despite adverse market conditions, the Indian Oil Corporation Limited (IOCL) OFS has been endorsed by the institutional investors as the Issue was oversubscribed, and the Institutional bucket subscribed 143% and the retail bucket subscribed 18%.

At the end of the day with total subscription of approximately Rs. 11,107 crores, the issue stood oversubscribed by 18%. 

This was the third CPSE disinvestment under the new SEBI Rules allowing the Notice Period to include banking day in addition to a trading day. Overall, this was the fourth CPSE disinvestment for the fiscal year 2015-16 which was successfully completed today with the IOCL OFS getting fully subscribed. 

On offer was 10% paid up capital of the company comprising 24,27,95,248 shares, each of face value of Rs. 10. Out of the shares offered for sale, 20% were reserved for retail investors i.e. those investors who placed bids for shares of total value of not more than Rs. 2 lakh. In addition a 5% discount was also offered to retail investors. With this disinvestment, the Government of India shares in IOCL will come down to 58.57%.