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Govt going to sell 10 percent stake in IOC to raise Rs 9,500 crore

On Monday, the government will sell a 10 percent stake in the largest oil firm Indian Oil Corporation (IOC) for raising about Rs 9,500 crore.

The government holds 68.6 percent interest in IOC and will be selling 24.28 crore equity shares through an offer for sale (OFC) on Monday. The floor price has been fixed by the government at Rs 387 a share that will likely fetch Rs 9,302 crore to the exchequer.

In a regulatory filing the government said that “At least 20 per cent of the offer size has been reserved for retail investors, who will also get a 5 per cent discount to the cut-off price.”

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