Government sources said Oil India IPO (initial public offering) open on September 7, 2009 and close on Setpember 11, 2009, reports CNBC-TV18 quoting NW18.
As per DRHP filed on December 14, 2007, the company was coming out with public issue of up to 26,449,982 equity shares of Rs 10 each. The issue comprised a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue capital of the company.
The objects of the issue were to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of our existing business in downstream activities.
The company is engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India.
JM Financial Consultants Private Limited, Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited were the book running lead managers to the issue. Karvy Computershare Private Limited was the registrar.
Source: Moneycontrol.com
Showing posts with label Oil India IPO. Show all posts
Showing posts with label Oil India IPO. Show all posts
Thursday, July 16, 2009
Thursday, September 18, 2008
Oil India public offer plans on track
The stock market volatility is unlikely to defer public sector undertaking Oil India Ltd’s (OIL) initial public offer (IPO) schedule of November. Sources said while the price band for the proposed IPO is expected to be in place by third week of October, the company’s IPO is likely to hit the market on November 10.
However, an eye is being kept on the market, industry sources told Business Line adding that "OIL has strong fundamentals and we don’t expect any change in IPO plans."
STAKE SALE
OIL has already filed its draft prospectus with SEBI for an IPO of up to 2.64 crore equity shares to raise over Rs 1,500 crore. Besides, the company has also entered into an understanding with PSU oil marketing companies – Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation – for selling 10 per cent equity stake in the ratio of 2:1:1, respectively.
The OMCs will acquire the stake at a price equivalent to the issue price of the equity shares that are proposed to be offered by OIL to the public in accordance with the book building method.
OIL had got the Cabinet nod for fresh equity of 10 per cent of its paid-up capital through IPO along with a proposal of issuing additional one per cent of its paid-up capital to the employees of the company. Disinvestment of 10 per cent in favour of State-owned OMCs, coupled with an IPO is expected to reduce the effective Government stake in the company to about 78 per cent from the existing 98.13 per cent.
DOWNSTREAM ACTIVITIES
The IPO proceeds are expected to be used for exploration and development activities and diversification of existing business to downstream. However, it will not be used to fund existing or future participation, investment activities in Iran, Sudan, Myanmar or any other countries or persons that are subject to economic sanctions imposed by the US Government and administered by the US Export Administration Regulation and Office of Foreign Assets Control of the US Treasury Department.
This is mainly due to advice from the lead bankers JM Financial Consultants, Morgan Stanley India Company, Citigroup Global Markets and HSBC Securities and Capital Markets, sources said.
The company's current annual crude oil production is 3.5 million tonne showing a growth of 13 per cent, and natural gas production is 6.80 mmscmd. The production amounted to approximately 10 per cent and seven per cent of India’s total production of crude oil and natural gas respectively, reports The Hindu Business Line.
Source: Moneycontrol.com
Wednesday, August 13, 2008
Oil India public offer likely in October
The Oil India Ltd IPO is likely to open in October.
The tentative decision on IPO timing follows the recent approval by the Centre for appointing six new independent directors on board and conform to clause 49 of the listing agreement.
This has cleared the last hurdle before the company can go ahead with the IPO.
According to sources, the OIL board will meet on Tuesday to approve inclusion of the new directors and discuss pending issues regarding the proposed Rs 1,400-crore IPO.
It may be mentioned that the IPO was originally scheduled to hit the capital market in February-March this year. However, the opening was delayed due to non-availability of due approval for expansion of the board which was considered a pre-requisite.
“The Centre recently cleared appointment of six new directors on our board. We are holding discussions relating to the IPO with our issue managers. The issue is expected to open in October, most preferably in the third week of October,” an OIL source told Business Line.
On the uncertainties in the capital market and its impact on the proposed IPO, the source said the issue managers do not foresee any problem in going ahead with the issue.
“As on date we are decided to go ahead with the issue,” he added.
Issue details:
OIL proposed fresh issue of 10 per cent of the company’s paid up capital through IPO. An additional one per cent capital will be issued to the employees.
The issue will coincide with the proposed disinvestment of 10 per cent of OIL’s paid up capital by the Government in favour of three downstream PSU oil companies – Indian Oil, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The disinvestment will take place at a price discovered through the IPO.
Post disinvestmnent, IOC will pick up five per cent stake in OIL. BPCL and HPCL will get 2.5 per cent stake each.
HSBC, Morgan Stanley and Citibank are the lead managers to the issue, reports The Hindu Business Line.
Source: Moneycontrol.com
The tentative decision on IPO timing follows the recent approval by the Centre for appointing six new independent directors on board and conform to clause 49 of the listing agreement.
This has cleared the last hurdle before the company can go ahead with the IPO.
According to sources, the OIL board will meet on Tuesday to approve inclusion of the new directors and discuss pending issues regarding the proposed Rs 1,400-crore IPO.
It may be mentioned that the IPO was originally scheduled to hit the capital market in February-March this year. However, the opening was delayed due to non-availability of due approval for expansion of the board which was considered a pre-requisite.
“The Centre recently cleared appointment of six new directors on our board. We are holding discussions relating to the IPO with our issue managers. The issue is expected to open in October, most preferably in the third week of October,” an OIL source told Business Line.
On the uncertainties in the capital market and its impact on the proposed IPO, the source said the issue managers do not foresee any problem in going ahead with the issue.
“As on date we are decided to go ahead with the issue,” he added.
Issue details:
OIL proposed fresh issue of 10 per cent of the company’s paid up capital through IPO. An additional one per cent capital will be issued to the employees.
The issue will coincide with the proposed disinvestment of 10 per cent of OIL’s paid up capital by the Government in favour of three downstream PSU oil companies – Indian Oil, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL). The disinvestment will take place at a price discovered through the IPO.
Post disinvestmnent, IOC will pick up five per cent stake in OIL. BPCL and HPCL will get 2.5 per cent stake each.
HSBC, Morgan Stanley and Citibank are the lead managers to the issue, reports The Hindu Business Line.
Source: Moneycontrol.com
Thursday, June 12, 2008
Oil India plans to launch IPO by September
Oil India is planning to launch initial public offering (IPO) by September 2008. The company expects SEBI nod next month, reports CNBC-TV18 quoting NW18.
Source: Moneycontrol.com
Source: Moneycontrol.com
Monday, December 17, 2007
Oil India files DRHP with SEBI for IPO
Oil India, India’s second largest oil and gas company as measured by total proved plus probable oil and natural gas reserves and production (Source: Directorate General of Hydrocarbons), has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to 26,449,982 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process.
The issue comprises a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue paid-up capital of the company.
The company has been present in the India oil and gas exploration and production industry for nearly five decades. The company is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India. The company also processes the produced natural gas to extract liquefied petroleum gas. Oil India Limited is present internationally through the exploration of crude oil and natural gas in Gabon, Iran, Libya and Nigeria and was recently awarded exploration blocks in Yemen as part of a consortium.
All of the Company’s independent proved plus probable oil reserves, as well as a majority of its independent natural gas reserves are located onshore in the Upper Assam basin in the states of Assam and Arunachal Pradesh. Additionally, the company also has independent natural gas reserves in the Bikaner-Nagaur basin in the state of Rajasthan.
The objects of the issue are to achieve the benefits of listing and to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of their existing business in downstream activities.
The equity shares offered are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.
The book running lead managers to the issue are JM Financial Consultants Private Limited & Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited.
Source: Moneycontrol.com
The issue comprises a net issue to the public of up to 24,045,438 equity shares and a reservation of up to 2,404,544 equity shares for subscription by eligible employees. The issue shall constitute 11% of the fully diluted post-issue paid-up capital of the company.
The company has been present in the India oil and gas exploration and production industry for nearly five decades. The company is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India. The company also processes the produced natural gas to extract liquefied petroleum gas. Oil India Limited is present internationally through the exploration of crude oil and natural gas in Gabon, Iran, Libya and Nigeria and was recently awarded exploration blocks in Yemen as part of a consortium.
All of the Company’s independent proved plus probable oil reserves, as well as a majority of its independent natural gas reserves are located onshore in the Upper Assam basin in the states of Assam and Arunachal Pradesh. Additionally, the company also has independent natural gas reserves in the Bikaner-Nagaur basin in the state of Rajasthan.
The objects of the issue are to achieve the benefits of listing and to fund requirements for fiscal 2009 and fiscal 2010 towards (a) exploration and appraisal activities; (b) development activities in producing fields; (c) purchase of capital equipments and contracts for facilities; and d) diversification of their existing business in downstream activities.
The equity shares offered are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange.
The book running lead managers to the issue are JM Financial Consultants Private Limited & Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and HSBC Securities and Capital Markets (India) Private Limited.
Source: Moneycontrol.com
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