OIL India Limited (OIL) opens its OFS or offer for sale for 6,01,13,157 equity shares which is 10% of the paid up capital. The floor price fixed for the sale is Rs 510 which is lower than the closing price of Rs 539.20 by Rs 29.20 or 5.41%. The 52 week high and low for the share is Rs 617.40 and 431 respectively.

The issue would garner Rs 3,065.77 crs at the floor price of Rs 510 and Rs 3,241.30 crs at the closing price of Rs 539.20. It may also be mentioned that this would be the first OFS under the revised guidelines wherein QIB’s would be allowed to bid with zero margin or upfront payment against 100% earlier. Secondly both options of zero upfront and 100% would be available and similarly pay out would be on trade plus one day and trade plus two day basis. Thirdly the discovered price and the bid quantity would be available live throughout the day. These measures are expected to increase the interest in the issue and results would be known by the end of the day.