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Oil India IPO : Is it Worth Investment?



The drought in Indian market is over as at least one IPO per month is coming in the secondary market. Now another high-profile IPO which is coming is Oil India IPO which is opening on 7th september 2009. Oil India is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It has 26% equity stake in Numaligarh Refinery Limited.

The IPO will be open until September 11, 2009 which is 100% book building issue. 2,64,49,982 Equity Shares of Rs. 10/-are on offer. It has a face value of Rs 10. As a retail investor one can maximum apply for Rs 100,000/- subscription amount. The aim of the issue is exploration and appraisal activities. It will be also undertaking development activity in production field. It is also going to undertake purchase of equipment.

Verdict
one must subscribe for this issue as government IPOs always provided good returns in the past. Moreover Oil India IPO has been assigned IPO Grade 4 by CRISIL. CRISIL assigns IPO gradings on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals. IPO Grade 4 from CRISIL indicates that the company has above average fundamentals.
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