The Empowered Group of Ministers (EGoM), headed by Finance Minister P Chidambaram, failed to take any decision on pricing and timing of sale of government's 10% stake in explorer Oil India. The EGoM was expected to decide on pricing of 6.01 crore shares on January 25, so that the issue could hit the market on January 29, much as per the tentative schedule. However, the meeting was simply adjourned without any decision.
The government has been eyeing around Rs 3,000 crore through stake sale in the company, as this would help the Centre meet the Rs 30,000 crore disinvestment target set in the Budget.
Further, the government currently holds 78.43% stake in the company, which would come down to 68.43%, after disinvestment. The stock has grabbed many investors’ eye balls, ever since the government decided on partial decontrol of heavily subsidised diesel prices, a move that could mean OIL having to pitch in lesser subsidy.
Company Name | CMP |
---|---|
ONGC | 271.85 |
Oil India | 685.50 |
Jindal Drilling&Inds | 635.10 |
Hind Oil Exploration | 196.00 |
Selan Exploratn Tech | 722.50 |
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