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IOC shares surge

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Shares in Indian Oil Corporation ended 10.96 percent higher on Wednesday. Its chairman said the firm aims to raise $4.4 billion in January through a FPO and that the pricing for offer was likely to be at 450 rupees apiece.

Shares were up as much as 14 percent during trade.

The Indian government is selling a 10 percent stake, while the company will offer an equal number of new shares to raise 20 billion rupees, making the sale the biggest-ever share offering in the Indian market.

Would you invest in IOC at this stage?

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