Indian Oil falls after Cabinet clears stake sale
CCEA cleared the proposal for sale of 10% government stake in the state-owned oil marketing company.
Indian Oil Corporation (IOC) has opened lower by 3% at Rs 191 on BSE after the Cabinet Committee of Economic Affairs (CCEA) cleared the proposal for sale of 10% government stake in the state-owned oil marketing company.
The government which holds a 78.92% stake in IOC may raise around Rs. 3,750 crore at the current market price.
The disinvestment department has already selected five merchant bankers -- Citibank, HSBC, UBS Securities, SBI Capital and JM Financial -- to manage the stake sale of the oil major.
The stock hit high of Rs 194 and low of Rs 188 so far. A combined around 25,000 shares changed hands on the counter in opening deals on BSE and NSE.
The government which holds a 78.92% stake in IOC may raise around Rs. 3,750 crore at the current market price.
The disinvestment department has already selected five merchant bankers -- Citibank, HSBC, UBS Securities, SBI Capital and JM Financial -- to manage the stake sale of the oil major.
The stock hit high of Rs 194 and low of Rs 188 so far. A combined around 25,000 shares changed hands on the counter in opening deals on BSE and NSE.
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First Published: Aug 02 2013 | 9:19 AM IST