Indian Oil Corporation FPO On Hold Because Of High Crude Prices

Indian Oil Corporation FPO lateIOC on Thurs-day mentioned its Rs 20,000-cr FPO offer is on keep because of unfavourable market circumstances as well as increasing worldwide crude oil prices.

“We observed in September / October (which) worldwide oil costs began increasing as well as inflation is additionally higher,” Indian Oil Corporation Chairman Mr S V Narasimhan informed reporters describing the purposes for placing the FPO on hold.

The ollow-on public offer , previously prepared for 1st quarter of 2011 calendar yr, involved a 10percent share sale through the govt as well as an the same number of fresh stocks by Indian Oil Corporation . Indian Oil Corporation had even employed 6 merchant bankers for that sale of 10per-cent equity stocks in the FPO.

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