Feb. 27
New Delhi, 27 February
A panel of ministers, headed by finance minister P Chidambaram, will decide tomorrow the price at which Indian Oil shares will be sold to ONGC and Oil India.
The government had offered a 10 per cent shareholding in IOC to ONGC and OIL at a discount of about 10 per cent to the current price.
“The EGoM on IOC disinvestment will meet tomorrow to decide on price of sale to ONGC and OIL,” an official said.
Earlier this week, the board of state-owned Oil India Ltd approved the acquisition of a five per cent stake in Indian Oil Corp from the government at a discount to the market price.
IOC shares closed at Rs 247.95 on the Bombay Stock Exchange yesterday, up 0.20 per cent, valuing the company at Rs 60,201 crore.
At a 10 per cent discount to the current price, the government's sale of 24.27 crore shares (or a 10 per cent stake) in Indian Oil Corporation would fetch over Rs 5,400 crore.
IOC shares have gained more than Rs 35 apiece since 16 January this year, when the EGoM on disinvestment cleared the stake sale in the nation's largest oil retailer through a block deal.
The empowered group of ministers had then cleared the stake sale at current market price, plus/minus one per cent.
Source: http://www.thestatesman.net/news/41646-decision-on-ioc-sale-price-today.html??page=2
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