Oil India plans IPO in November

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NEW DELHI: Public sector exploration firm Oil India is likely to hit the capital market, with an initial public offering of 2.64 crore shares, in November.

Company sources said, the company would file a revised DRHP next month after updating information up to June 30, 2008.

The company has complied with SEBI requirement of halving half of the board strength as independent directors.

"We are in touch with our bankers for exact timing of the IPO. Hopefully market conditions will improve by November and the IPO is likely to open in the first half of November," company sources said.

The pre IPO placement to IOC, BPCL and HPCL will also happen around the same time.

Oil India had earlier filed its draft prospectus with market regulator SEBI for an initial public offering of up to 2.64 crore equity shares.

Due to turbulent market conditions, several IPOs were shelved earlier, including those by realty giant EmaarMGF, Wockhardt Hospital and SVEC Constructions.