Oil India price band fixed at Rs 950- Rs1,050

The government has fixed the price band for the much hyped initial public offer (IPO) of Oil India at Rs 950-1,050 a share. The price band was fixed by a Group of Ministers headed by Finance Minister Pranab Mukherjee.

The IPO of the Oil India will be the second state-run firm to hit the market this year after NHPC and likely to raise Rs 4,507- Rs 4,982 crore from the issue of which Government would earn Rs 1,995-Rs 2,205 crore and the company would get Rs 2,512 to Rs 2,777  crore respectively.

The IPO of Oil India will open for subscription on September 7, 2009 and will close on September 11, 2009.