Goldman, Citi among 5 banks hired to advise on IOC share sale

At the current market price, a three per cent share sale would fetch the exchequer about Rs 6,000 crore

The government has selected five merchant bankers, including Goldman Sachs and Citigroup, to manage the government’s three per cent stake sale in Indian Oil Corporation (IOC), 

which could fetch about Rs6,000 crore to the exchequer. The other bankers who have been selected by the Department of Investment and Public Asset Management (DIPAM) for 

managing the stake sale are Deutsche Equities, SBI Capital Markets and ICICI Securities, sources said.

As many as 10 merchant bankers had made presentations before the DIPAM on Thursday, out of which five were selected.

Other merchant bankers who were vying for the job include Axis Capital, Kotak Investment, Nomura Financial,