OIL confident of good IPO show
Hyderabad: OIL India Ltd, whose Rs 2,772-crore IPO is set to open on September 7, is not jittery about the lukewarm response NHPC’s issue got from the bourses on Tuesday. NHPC’s shares closed marginally above the issue price on Tuesday.
Talking to press persons as part of the company’s pan-India roadshows in the run-up to the IPO, N.M. Borah, Chairman and Managing Director, said NHPC and OIL India were from different sectors and have different fundamentals. “So I do not think it will be right to see the two from the same perspective (as far as the IPO is concerned),” he said.
Exuding confidence that investors’ response to the OIL IPO would be positive, he said the company had five decades of existence in the oil exploration and production business and a healthy balance sheet.
The company has lined up a capital expansion programme of Rs 4,500 crore for the next two years in the exploration and development space. The proceeds of the IPO will be used to finance part of this expansion.
Borah said the company, as on June 30, had a cash and bank balance of Rs 6,568 crore.
source: Sify
Tags: allotment of OIL IPO, buy or sell OIL, listing date of OIL IPO, listing price of Oil india IPO, Oil India Ipo Listing date, Oil india ltd IPO listing date, OIL IPO
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