The government has given nod to 10% stake sale in Indian Oil Corporation (IOC) to state run ONGC and Oil India Ltd (OIL) at a discount of 10%, which will fetch around Rs 5,300 crore to the exchequer. The sale of 10% stake or 24.27 crore shares will be through an off-market transaction, with ONGC and Oil India Ltd (OIL) buying 5% stake each.
Both the entities (ONGC and OIL) will now work out the deal and the stake sale will happen very shortly.
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 | 1370.45 |
| Indian Oil Corp. | 145.75 |
| BPCL | 311.10 |
| HPCL | 374.50 |
| MRPL | 180.60 |
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