State-run explorer Oil India Limited aims to hit the capital markets in the first half of November to raise around Rs 1,600 crore. The company has also lined up Rs 13,000-crore (Rs 130-billion) expansion plan for the next five years.

The company, which had planned an initial public offer in February, said the issue got delayed partly because it could not appoint independent directors on its board.

"The issue has now been resolved and we aim to hit the capital markets in November," said OIL Chairman and Managing Director M R Pasrija. 

Speaking on expansion plans, he said the company had planned a capex of Rs 13,000 crore, of which Rs 4,754 crore (Rs 47.54 billion) would be set aside for exploration and appraisal, developing oil fields, purchase of capital equipment, among others.

Pasrija said the company would not be impacted by the Chaturvedi committee's recommendations on the financial health of oil firms.

The committee has suggested a hike in petrol and diesel prices and recommended imposition of special tax on oil produced from fields awarded prior to the advent of the New Exploration Licensing Policy (Nelp) in 1999.