The Central Government will sell its 10 per cent stake in blue-chip Indian Oil Corporation (IOC) and five per cent in power producer NTPC to mop up about Rs.13,600 crore in this fiscal’s first disinvestment approval.
The approvals are part of Rs.41,000 crore disinvestment target for the current financial year.
Buoyed by diesel price deregulation, the government is looking at selling stake in Indian’s largest fuel retailer IOC for the second time in 13 months.
Sale of 24.27 crore shares, or 10 per cent stake, in IOC would mop up close to Rs.8,000 crore at current market price.
A total of 41.22 crore shares, or five per cent, in NTPC could fetch Rs.5,600 crore to the exchequer at current rates.
A decision to stake sale in IOC and NTPC was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, sources said.
The government currently holds 68.57 per cent in IOC and 74.96 per cent in NTPC.
Shares of IOC were quoting at Rs.33445, while NTPC shares were trading at Rs.138 on BSE.
