The stock was also quoting below the floor price. At 1:15 p.m., bids were received for 13.96 crore shares, representing 57.5 percent of the 24.28 crore shares which the government proposes to divest at a floor price of Rs 387 a piece.

At the Bombay Stock Exchange, around that time, the company's share was quoting at Rs 380.45. The retail portion barely managed around 6 percent, even though the government has offered set aside 20 percent of the shares for them at a discount of 5 of the Cut off price.

The non-retail portion fared better with around 70 percent subscription. Bidding closes at 3:30 p.m.

The current government holding in Indian Oil, the largest oil retailer in the country, is 68.57 percent and the proposal is for divesting another 10 percent to raise at least Rs 9,400 crore, taking into accout the floor price of Rs 387 per share.


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