The proposal for 10% stake sale in Indian Oil Corporation (IOC) is likely to come up in the Cabinet next week whereby it may approve the sale of 10% stake in IOC, which may fetch over Rs 4,300 crore to the exchequer at the current market price.
Citibank, HSBC, UBS Securities, SBI Capital and JM Financial are the five selected merchant bankers by the Department of Disinvestment who will be managing the stake sale of the oil major. The government at present holds 78.92% stake in IOC. The Finance Ministry had in May moved a draft Cabinet note for the disinvestment in IOC through an offer for sale.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1365.10 |
| Indian Oil Corp. | 145.85 |
| BPCL | 312.05 |
| HPCL | 370.95 |
| MRPL | 183.20 |
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