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Monday, August 13, 2007

Govt plans stake sale in Oil India to state refiners

Government plans to sell 10% cent stake in Oil India Ltd (OIL) to state refiners along with the company's initial public offering in February to garner Rs 1,000 to Rs 1,500 crore.

"We have moved a note for consideration of the Cabinet for divestment of 10% government stake alongside the company's IPO," a top Petroleum Ministry official said.

OIL, the nation's second largest state-run oil explorer, plans to offer 10% stake to public in an IPO and another one per cent to its employees in February 2008.

Alongside the IPO, the government seeks to sell five per cent of its stake in OIL to Indian Oil Corp and 2.5 per cent stake each to Bharat Petroleum Corp and Hindustan Petroleum Corp.

Government currently holds 98% stake in the company and after the twin offers this shareholding will drop to 77-78%, he said, reports PTI.

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