The Indian government will be selling 10 % of its stake in Indian Oil Corporation (IOC) to raise roughly Rs 9,500 crore.
The government, which holds 68.60% interest in IOC, will sell 24.28 crore equity shares through an offer for sale (OFS), the floor price of which will be announced on August 22, 2015.
The government is targeting to raise Rs 69,500 crore from disinvestment in the current fiscal. Stake sale in IOC will be the fourth disinvestment this fiscal and the biggest so far. The earlier 3 stake sales had raised just over Rs 3,000 crore.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.