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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