Govt hires five banks for $1.5 bn Indian Oil stake sale: report

Govt to sell 10% stake in the oil company

The government has hired five banks to manage a stake sale valued at up to $1.5 billion in state-run Indian Oil Corp , IFR reported on Thursday, citing people familiar with the deal.

The government tapped Citigroup, Deutsche Bank, JM Financial, Kotak and Nomura to handle the sale of a 10% stake in the oil company, which at current market prices would be worth up to Rs 9,500 crore, added IFR, a Thomson Reuters publication.

Indian Oil didn't immediately respond to a Reuters request for comment on the share sale.

($1 = 64.7712 rupees)