OIL IPO Price fixed at Rs. 1050 per share

The price for the highly demanded Oil India's (OIL) initial public offering (IPO) has been fixed at Rs 1,050 per share by the priceminister's panel, the Oil Secretary RS Pandey informed.

According to the reports, the company will list its equity shares on the bourses on the September 30, 2009.

OIL, the second largest oil and gas company in India, had come out with the OIL IPO of 264.5 lakh equity shares of face value Rs 10 each and raised Rs 2,777 crore.

The issue has received an outstanding response from the investors, especially the QIB (qualified institutional investors). It has been subscribed 30.82 times and QIBs' reserved portion got subscribed 54 times followed by the non-institutional and retail investors; whose portion was subscribed 10.5 times and 1.8 times, respectively. The issue received more than 2.10 lakh applications for allotment.