OIL has allocated INR6.86 billion for purchase of capital equipment and setting up facilities. These investments will be made by March 2011, company officials said.
Part of funds will be raised through Initial Public Offering (IPO), which opens on September 7, 2009 and closes on September 10, 2009.
The company has fixed a price band between INR9.5 and INR10.5 per share and expects to raise anywhere between INR25.13 billion and INR27.7 billion.
“The issue will constitute 11 per cent of the fully diluted post-issue capital of the company,” OIL’s General Manager (HR and BD), N K Bharau, said.
