Indian Oil May Sell New Shares If State Cuts Stake
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Indian Oil Corp., the nation’s biggest company, may sell new shares if the government reduces its stake in the state-owned refiner to raise money for social spending and to narrow its budget deficit.
A price of 450 rupees ($9.78) apiece would be a good level for fresh issuance, Chairman Brij Mohan Bansal said by telephone today. That’s about 23 percent higher than today’s closing price. The company hasn’t heard from the government on a plan to sell shares, Bansal said.