offer for sale

The offer is 1.7 times subscribed with the lowest accepted bid coming at a 4.1% discount to the previous close. Meanwhile, the Indian government confirms it raised $590 million from the Oil India sale last week.

The offer for sale was about 2.6 times covered and the lowest clearing price equalled a 3.7% discount to the previous day’s close.

The government has set a floor price of Rs510 for today’s sale of a 10% stake in the oil and gas producer, implying a deal size of at least $574 million.

A trust run by Azim Premji is able to sell only half the shares on offer, resulting in yet another disappointing outcome for India's new auction sales method.

With 10 minutes to go, the deal is less than 4% covered, but after a last minute rush of orders, it appears the government will get its targeted $2.5 billion.