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OIL IPO planed for early 2008
NEW DELHI: Government-run Oil India Limited (OIL), which has recorded a profit after tax of Rs. 1639.99 crore this year, has announced issuing its IPO early 2008.
The company that functions under the Ministry of Petroleum and Natural Gas said its proposed IPO and issuance of shares to employees have been approved by Government of India.
The company is targeting the IPO during the 1st Quarter of 2008, the ministry said in a press release today.
OIL officials handed-over a cheque of Rs.157.50 crore as dividend to the Ministry of Petroleum here today.
OIL had earlier paid first interim Dividend of 110% amounting to Rs.231.00 crore and a second interim dividend of 75% amounting to Rs 157.50 crore during the year.
The total Dividend paid for the year 2006-2007 now amounts to Rs.546.00 crore, which is 260 percent of the of the paid up capital of Rs .210 crore held by the government.
The Company recorded a total income of Rs. 6007.78 crore, with net worth of increased to Rs. 6849.07 crore up by 17 percent over the previous year’s figure of Rs. 5848 crore.
The company has overseas presence in six countries, Libya, Gabon, Nigeria, Yemen, Iran and Sudan.
OIL has increased its stake in Numaligarh Refinery to 26%. OIL also has a 10% stake in the Assam Gas Cracker Project, recently named as Brahmaputra Cracker and Polymers Ltd.
OIL recently signed an MOU with Total, Mittal Energy Investments Pte Ltd., HPCL and GAIL, for participation in the East Coast grassroot Refinery and Petrochemical complex at Visakhapatnam.
NEW DELHI: Government-run Oil India Limited (OIL), which has recorded a profit after tax of Rs. 1639.99 crore this year, has announced issuing its IPO early 2008.
The company that functions under the Ministry of Petroleum and Natural Gas said its proposed IPO and issuance of shares to employees have been approved by Government of India.
The company is targeting the IPO during the 1st Quarter of 2008, the ministry said in a press release today.
OIL officials handed-over a cheque of Rs.157.50 crore as dividend to the Ministry of Petroleum here today.
OIL had earlier paid first interim Dividend of 110% amounting to Rs.231.00 crore and a second interim dividend of 75% amounting to Rs 157.50 crore during the year.
The total Dividend paid for the year 2006-2007 now amounts to Rs.546.00 crore, which is 260 percent of the of the paid up capital of Rs .210 crore held by the government.
The Company recorded a total income of Rs. 6007.78 crore, with net worth of increased to Rs. 6849.07 crore up by 17 percent over the previous year’s figure of Rs. 5848 crore.
The company has overseas presence in six countries, Libya, Gabon, Nigeria, Yemen, Iran and Sudan.
OIL has increased its stake in Numaligarh Refinery to 26%. OIL also has a 10% stake in the Assam Gas Cracker Project, recently named as Brahmaputra Cracker and Polymers Ltd.
OIL recently signed an MOU with Total, Mittal Energy Investments Pte Ltd., HPCL and GAIL, for participation in the East Coast grassroot Refinery and Petrochemical complex at Visakhapatnam.