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Friday, August 2, 2013

UPA Cabinet clears 10% stake sale in Indian Oil Corporation(IOC)Thursday Aug 1,2013


The cabinet on Thursday Aug 1,2013 cleared the proposal to divest 10% Govt stake(19.16 crore shares ) in Indian Oil Corporation (IOC), a move expected to garner around Rs. 3,750 crore to the exchequer at the current market price


The disinvestment department of the government has already selected five merchant bankers — Citibank, HSBC, UBS Securities, SBI Capital and J M Financial — to manage the stake sale

The GOI at present holds 78.92% stake in IOC

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