Government likely to appoint bankers for Oil India's follow-on public offer

NEW DELHI: The government is likely to appoint bankers for a follow-on public offer ( FPO) of Oil India, the nation's second biggest explorer, by October 17.

"The government had called bids from bankers by October 4. They will called be called for presentation on October 17 and three bankers will be selected on that day," OIL Director (Finance) T K Ananth Kumar told reporters here.

On that day, legal advisors to the issue would also be seted.

"As far as timing of the public issue is concerned, it is for the government to decide. We have no say in that," he said.

The government has last month cleared stake sale in four PSUs -- Hindustan Copper, OIL, MMTC and Nalco to raise around Rs 15,000 crore.

The government will sell its 10 per cent out of its 78.43 per cent stake in OIL.

Asked if the market was right for a public offering, Kumar said market has been buoyant for past 20 days and are expected to remain bullish.

"We think it is the right time for the government to go for a public issue. But ultimately, the timing will be decided by the government," he added.