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Despite the market rout on Monday, the Indian Oil offer-for-sale sailed through.
The OFS was subscribed 1.18 times by close of normal trading hours.
While the institutional portion was subscribed 1.43 times, the retail portion was subscribed 0.18 times.
The government had placed 24.28 crore shares on the block, at a floor price of Rs 387. The Indian Oil stock ended at Rs 378.25, down Rs 16.20 or 4.11 per cent on the BSE.
The Sensex lost nearly 6 per cent or 1,624.51 points to end at 25,741.56 tracking the fall in markets across Asia and Europe. Investors panicked after a sell-off in Chinese shares and a sharp drop in the dollar and major commodities.
At least 20 per cent of the offer for sale is allotted to retail investors, who will also get a 5 per cent discount to the cutoff price.
The Union Government currently holds a 68.57 per cent stake in Indian Oil. The stake sale of 10 per cent should help it garner Rs 9,302 crore from the capital market.
The Government has set a disinvestment target of Rs 69,500 crore for the current financial year.
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