Government plans to hive off 10% in IndianOil, to raise Rs 9,500 crore

24-Aug-15

Government of India plans to hive off 10% in its largest enterprise in the country - Indian Oil Corp, to raise about Rs 9,500 crore. The government, which holds 68.6% interest in IOC, will sell 24.28 crore equity shares through an offer for sale (OFS), as per livemint.com. The government is targeting to raise Rs 69,500 crore from disinvestment in the current fiscal. Stake sale in IOC will be the fourth disinvestment this fiscal and the biggest so far. The earlier 3 stake sales had raised just over Rs 3,000 crore.