Oil India to hit capital market in November

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TO TALK TO PM ON IRON ORE EXPORTS
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SEEKS RS.9000/TN CUT IN STEEL PRICES IN FY'10: NW
SENIOR MGMT CHANGES TO HELP IN POSITIONING THE COMPANY IN FUTURE
TO LAUNCH 100CC DISCOVER, POSITIONING AS A 'LONG DISTANCE BIKE'
TO LAUNCH 100CC DISCOVER, POSITIONING AS A 'LONG DISTANCE BIKE'
DISCOVER 100CC NOT TO REPLACE PLATINA 100, NOT AN ENTRY LEVEL BIKE
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SEBI WANTS MIN 26% FREE FLOAT, FM TO GIVE TIME FOR IMPLEMENTATION: SRCS
APPOINTS INVST BANKS FOR FUND RAISING EXERCISE, PLANS TO RAISE $400MN: SRCS
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SUZLON PLANS TO RAISE $400MN: SOURCES
SUZLON APPOINTS INVESTMENT BANKS FOR FUND RAISING EXERCISE: SOURCES
LEAD BANKERS INCLUDE CREDIT SUISSE, CITI & DEUTSCHE BANK: SOURCES
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NEED TO REVAMP SAT WILL BE REVIEWED IN THE MEETING: SOURCES

Updated: 19/08/2008 | 11:55 AM IST

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Press Trust of India

Tuesday, August 19, 2008 (New Delhi)

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Public sector exploration firm Oil India is likely to hit the capital market, with an initial public offering of 2.64 crore shares, in November.

Company sources said, the company would file a revised DRHP next month after updating information up to June 30, 2008.

The company has complied with SEBI requirement of halving half of the board strength as independent directors.

"We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November," company sources said.

The pre IPO placement to IOC, BPCL and HPCL will also happen around the same time.

Oil India had earlier filed its draft prospectus with market regulator SEBI for an initial public offering of up to 2.64 crore equity shares.

Due to turbulent market conditions, several IPOs were shelved earlier, including those by realty giant EmaarMGF, Wockhardt Hospital and SVEC Constructions.