OIL, which produces 3.5 million tonnes of oil annually, will offer 26.4 million equity shares (11 per cent equity) to the public, while the government will simultaneously sell 10 per cent of its stake at the IPO price to state refiners Indian Oil Corporation (5 per cent), Hindustan Petroleum Corporation and Bharat Petroleum Corporation (2.5 per cent each). The price band of the issue, which will be open from September 7 to 11, was likely to be fixed on August 25, said a source close to the development.

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