Oil India stake sale tomorrow
1 Feb 2013 5:25 AM IST
The government will offload its 10 per cent equity in Oil India Ltd (OIL) on Friday which may fetch the exchequer up to Rs 3,000 crore.
The decision was taken at a meeting of the Empowered Group of Ministers, headed by Finance Minister P Chidambaram on Wednesday. 'Proposal has been cleared. Disinvestment will take place on 1 February through OFS route. Roughly we will raise Rs 2,500-3,000 crore,' Petroleum Secretary G C Chaturvedi said.
According to sources, shares will be offered at a discounted price. 'Price has been determined. It has been communicated to stock exchanges,' Petroleum Minister Veerappa Moily told reporters after the EGoM meeting.
The Government has proposed to sell 10 per cent stake or 6.01 crore shares in the petroleum exploring company OIL through offer for sale (OFS) route. OIL's paid-up capital as on March 2012, was Rs 601 crore. The government holds 78.43 per cent stake in the company and would come down to 68.43 per cent, after disinvestment.
The decision was taken at a meeting of the Empowered Group of Ministers, headed by Finance Minister P Chidambaram on Wednesday. 'Proposal has been cleared. Disinvestment will take place on 1 February through OFS route. Roughly we will raise Rs 2,500-3,000 crore,' Petroleum Secretary G C Chaturvedi said.
According to sources, shares will be offered at a discounted price. 'Price has been determined. It has been communicated to stock exchanges,' Petroleum Minister Veerappa Moily told reporters after the EGoM meeting.
The Government has proposed to sell 10 per cent stake or 6.01 crore shares in the petroleum exploring company OIL through offer for sale (OFS) route. OIL's paid-up capital as on March 2012, was Rs 601 crore. The government holds 78.43 per cent stake in the company and would come down to 68.43 per cent, after disinvestment.
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