Press Esc to close
Wednesday 04 March 2015
News updated at 12:09 PM IST
Weather
Max: 31.7°C
Min : 16.9°C
In Bengaluru
clear sky

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
Ireland's George Dockrell is bowled for 25 runs by South Africa's Morne Morkel to end their Cricket

Ireland's George Dockrell is bowled for 25 runs by South Africa's Morne Morkel to end their Cricket

The debris is being cleared after landslides on Jammu-Srinagar Jammu National Highway

The debris is being cleared after landslides on Jammu-Srinagar Jammu National Highway

Artist staged a play Visa Nirikshaneyelliddaga at the inauguration of Dalita Natakotsava

Artist staged a play Visa Nirikshaneyelliddaga at the inauguration of Dalita Natakotsava

Badly damaged road in Bengaluru

Badly damaged road in Bengaluru

A Zimbabwe farm worker harvests tobacco at a farm ahead of the tobacco selling season starting on We

A Zimbabwe farm worker harvests tobacco at a farm ahead of the tobacco selling season starting on We

Snowfall in Kashmir

Snowfall in Kashmir

Britain's Queen Elizabeth and Mexico's President Enrique Pena Nieto ride a carriage as they leave Ho

Britain's Queen Elizabeth and Mexico's President Enrique Pena Nieto ride a carriage as they leave Ho

A model presents a creation by French designers Francois Alary and Ophelie Klere as part of their

A model presents a creation by French designers Francois Alary and Ophelie Klere as part of their

A general view of the 85th International Motor Show in Geneva

A general view of the 85th International Motor Show in Geneva

Kenya Wildlife Service rangers burn 15 tonnes of ivory confiscated from smugglers and poachers to ma

Kenya Wildlife Service rangers burn 15 tonnes of ivory confiscated from smugglers and poachers to ma

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