Union Government to sell 10 per cent stake in IOC
Union government has announced to sell 10 per cent stake in state owned Indian Oil Corporation (IOC).
This disinvestment drive on the stock market through an offer for sale (OFS) will fetch Union Government about 9,500 crore rupees to the exchequer. The 10 per cent stake in IOC comprises 24.27 crore shares.
Presently, Union government holds around 68.57 per cent shares in IOC which is the biggest oil refining and marketing company in the country.
Stake sale of IOC will mark the fourth round of disinvestment drive of Union Government in year 2015. Other three rounds of disinvestment are being in carried in Power Finance Corporation (PFC), Rural Electrification Corporation (REC) and Dredging Corporation of India (DCI). So far from these disinvestment drives government has earned around 3,300 crore rupees.