Press Esc to close

Government to sell 10 percent stake in Indian Oil

New Delhi, Aug 2, 2013 (IANS): 14:50 IST
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

More from this section
Most trending stories
Photo Gallery
Actress Tamannaah Bhatia during a promotional event...

Actress Tamannaah Bhatia during a promotional event...

Girls take selfie near a classic car at the 8th edition of the 21 Gun Salute...

Girls take selfie near a classic car at the 8th edition of the 21 Gun Salute...

A man feeds langurs at Khandagiri in...

A man feeds langurs at Khandagiri in...

Canadian Prime Minister Justin Trudeau, his wife Sophie Gregoire Trudeau...

Canadian Prime Minister Justin Trudeau, his wife Sophie Gregoire Trudeau...

Dancers perform during celebrations of the 10th anniversary of Kosovo's independence...

Dancers perform during celebrations of the 10th anniversary of Kosovo's independence...

Police guard a demonstration during the Munich Security Conference in Munich...

Police guard a demonstration during the Munich Security Conference in Munich...

Pyeongchang 2018 Winter Olympics - Women Round Robin - Olympic Athletes from...

Pyeongchang 2018 Winter Olympics - Women Round Robin - Olympic Athletes from...

Ventilation pipes are seen at a Korean barbecue restaurant at the Yongpyong ski...

Ventilation pipes are seen at a Korean barbecue restaurant at the Yongpyong ski...

A view of Lok Bhawan, a government building housing Uttar Pradesh...

A view of Lok Bhawan, a government building housing Uttar Pradesh...

School children perform during 'Pariksha Par Charcha', an interactive session...

School children perform during 'Pariksha Par Charcha', an interactive session...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.