Foreign investors put in Rs 1,800 cr for OIL stake sale
While ONGC issue in March last year went through with help from state-owned LIC, retail investors had bid for OIL in numbers that were unseen during the previous three government auctions in ONGC, Hindustan Copper and NMDC.
With the OIL stake sale, the total realisation from disinvestment in the current fiscal has gone up to over Rs 10,000 crore. The government has budgeted Rs 30,000 crore to come from disinvestment in the current fiscal.
The government's stake has come down to 68.43 per cent in OIL after disinvestment. OIL's paid-up capital as on March 2012 was Rs 601 crore. OIL got listed on stock exchanges in 2009.
As on March 31, 2012, the company had employee strength of 8,096. As per OFS regulation, some allotment would also be made to the OIL employees.