The Indian government is raising about 31 billion rupees ($576 million) in a secondary sale of shares in Oil India Ltd. (OINL), the state-run oil explorer, according to a term sheet obtained by Bloomberg News.
The government is selling slightly more than 60.1 million shares with a so-called floor price of 510 Indian rupees apiece. That represents about 10 percent of the company’s outstanding shares, the terms show.
The government currently holds 78 percent of the company, according to data compiled by Bloomberg.
To contact the reporter on this story: Ruth David in London at email@example.com
To contact the editor responsible for this story: Jacqueline Simmons at firstname.lastname@example.org