State-owned Indian Oil Corporation expects to launch its follow-on public offer in the third or fourth week of January, according to its Chairman B M Bansal. The government plans to offload 10 per cent of its equity holding in the state-run refiner through the FPO and an equal stake would be diluted by the PSU company.
Following the stake sale, the government's holding in IOC would reduce to 64.57 per cent from the existing 78.92 per cent. Government divestment of 10 per cent stake will translate into 24.27 crore equity shares and the company’s issue fresh equity will amount to 19 crore shares. IOC's share sale programme is expected to garner close to Rs 20,000 crore. The mega offer is a part of the government's Rs 40,000 crore disinvestment programme this fiscal.
