Cabinet likely to take up 10 % IndianOil share throw-away proposal today
1 Aug 2013 4:47 AM IST
The Cabinet is likely to consider the proposal for sale of 10 per cent of government’s stake in Indian Oil Corporation (IOC) on Wednesday, which may fetch over Rs 3,840 crore to the exchequer at the current market price.
‘IOC disinvestment proposal is likely to come up for consideration in CCEA (Cabinet Committee on Economic Affairs) meeting on Wednesday,’ sources said, adding that the stake sale would happen through the offer for sale route. The Disinvestment Department has already selected five merchant bankers -- Citibank, HSBC, UBS Securities, SBI Capital and J M Financial -- to manage the stake sale of the oil major. At present, the government holds a 78.92 per cent stake in IOC.
‘IOC disinvestment proposal is likely to come up for consideration in CCEA (Cabinet Committee on Economic Affairs) meeting on Wednesday,’ sources said, adding that the stake sale would happen through the offer for sale route. The Disinvestment Department has already selected five merchant bankers -- Citibank, HSBC, UBS Securities, SBI Capital and J M Financial -- to manage the stake sale of the oil major. At present, the government holds a 78.92 per cent stake in IOC.
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