Government to divest 10 percent stake in Oil India

Syndicated from IANS | Published on Wed, Jan 30 2013 19:48 IST | 8 Views | Add comment

The government will raise at least Rs.2,500 crore ($465 million) by divesting 10 percent stake in Oil India (OIL), an Empowered Group of Ministers (EGoM) meeting here decided Wednesday.

Announcing this, Oil Minister Veerappa Moily told mediapersons after the meeting that the disinvestment involved 60.1 million OIL shares through the offer for sale (OFS) route.

"It has been communicated to stock exchanges," Moily said.

Petroleum Secretary G.C. Chaturvedi said the disinvestment will take place Feb 1. "Roughly we will raise Rs.2,500-3,000 crore," he said.

The government now holds 78.43 percent stake in the company. This would come down to 68.43 percent after disinvestment.

The government has so far raised Rs.69 billion ($1.25 billion) through its disinvestment programme.

Add Your Comment

Enter your name and email below and post your comment.

Enable Images

Visitor Comments

There are no comments. Be the first one to add a comment.