The Cabinet Committee on Economic Affairs (CCEA) is likely to consider the proposal for sale of 10% of stake in Indian Oil Corporation (IOC) on July 31, 2013. This move will help government to garner over Rs 3,840 crore at the current market price.
In this regard, the Disinvestment Department has already selected five merchant bankers -- Citibank, HSBC, UBS Securities, SBI Capital and J M Financial -- to manage the stake sale of the oil major.
The government aims to fetch Rs 40,000 crore through PSU stake sales in the current financial year. So far, it has raised Rs 828 crore through stake sale in MMTC and Hindustan Copper.