State-owned PSU Oil India Limited (OIL) would soon launch an IPO to raise debts. The company recently got the approval of Security and exchange Board of India (SEBI) in this regard. It has said, in a statement, that the company would generate funds from the market if the IPO fails to generate required debts. 

The Chairman and managing director of OIL, M S Pasrija said the company is preparing for IPO and it would float the offer within a period of 90 days. The company would issue the shares of worth 2.64 crore making a pre-IPO sale of 10 per cent. The pre sale would go to Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC). 

The company spent Rs 4,575 crore in for exploration and production (E&P). It has completed various projects in the India and overseas in the current fiscal.