State run Oil India's share sale programme for diluting 10 per cent of the government's stake commenced today at bourses.

The disinvestment through the Offer For Sale, OFS route will close at 3.30 pm today and if fully-subscribed it would fetch 3,065 crore rupees to the exchequer.

The government has fixed the floor or minimum price for sale of its 10 per cent stake in Oil India at 510 rupees per share, a 5.41 per cent discount over the yesterday's closing price of 539.20 rupees.

The Oil India public offer, the third disinvestment this fiscal, will help the government inch towards its 30,000 crore rupees revenue target from stake sales in profit making PSUs.

The government holds 78.43 per cent stake in the company and would come down to 68.43 per cent, after disinvestment.

Meanwhile, the scrip of the company fell by 1.34 per cent 532 rupees a share on the BSE in the early morning trade.