Press Esc to close
Wednesday 25 May 2016
News updated at 1:04 AM IST
Weather
Max: 34.1°C
Min : 22.7°C
In Bengaluru
Sunny day

Government to sell 10 percent stake in Indian Oil

New Delhi, Aug 2, 2013 (IANS):

The government has decided to sell 10 percent of its stake in the country's largest petroleum retailer Indian Oil Corporation.

“After this disinvestment the government of India share-holding in the company would come down to 68.92 percent,” the finance ministry said in a statement Friday.

The decision was taken by the Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh Thursday evening.

“The disinvestment will be through Offer for Sale (OFS) method in the domestic market according to the SEBI rules and regulations,” it said.

The proposed divestment is likely to fetch around Rs.3,700 crore at the current market price.
The government hopes to raise Rs.40,000 crore through stake sales in the current financial year that began April 1.

The share price of Indian Oil Corporation slumped 2.48 percent to Rs.190.90 at the Bombay Stock Exchange.


Go to Top

Photo Gallery
Girls cover themselves during a dust storm in mathura on Monday...

Girls cover themselves during a dust storm in mathura on Monday...

Renowned sand artist Sudarsan Pattnaik creates a sand art to aware people about water scarcity...

Renowned sand artist Sudarsan Pattnaik creates a sand art to aware people about water scarcity...

English actor Sir Ian McKellen and Bollywood actor Aamir Khan share lighter moments...

English actor Sir Ian McKellen and Bollywood actor Aamir Khan share lighter moments...

A senior Army Officer presents the Sher-e-Kashmir Sword of Honour to a new recruit...

A senior Army Officer presents the Sher-e-Kashmir Sword of Honour to a new recruit...

People watching the air ambulance which crash landed at Kair village in Najafgarh area...

People watching the air ambulance which crash landed at Kair village in Najafgarh area...

Demi Moore poses for photographers as she arrives for The Vogue 100 Gala Dinner...

Demi Moore poses for photographers as she arrives for The Vogue 100 Gala Dinner...

Nuremberg and Frankfurt players jump for the ball during a German first division Bundesliga soccer..

Nuremberg and Frankfurt players jump for the ball during a German first division Bundesliga soccer..

People hang fish to dry on bamboo poles in Mumbai...

People hang fish to dry on bamboo poles in Mumbai...

A cyclist with his daughter pedals his cycle holding an umbrella...

A cyclist with his daughter pedals his cycle holding an umbrella...

An elderly vendor waits for customers of green grass during rains in Srinagar....

An elderly vendor waits for customers of green grass during rains in Srinagar....

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523