 The money from the share sale will be used to build a refinery |
Indian oil firm Reliance Petroleum's share sale has been oversubscribed, with investors offering to buy 46 times the amount of stock on offer. The oil company, a unit of Reliance Industries, is selling 450 million shares in what will be India's largest initial public offering this year.
Boosting demand was US firm Chevron's purchase of a 5% stake in Reliance, with an option to lift it to 29%.
Reliance Petroleum stands to earn about $620m (�349m) from the sale.
The company plans to use the money from the sale to boost its refining capacity.
Reliance Petroleum plans to build a refinery and polypropylene plant in Jamnagar, western India.
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