Oil India stake sale on Feb 1

January 31, 2013 03:19 am | Updated 03:19 am IST - NEW DELHI:

The Central Government will offload its 10 per cent equity in Oil India Ltd (OIL) on Friday.

The decision was taken at a meeting of the Empowered Group of Ministers, headed by Finance Minister P. Chidambaram on Wednesday.

“Proposal has been cleared. Disinvestment will take place on February 1 through the offer for sale route. Roughly we will raise Rs.2,500-3,000 crore,” Petroleum Secretary G. C. Chaturvedi said.

“Price has been determined. It has been communicated to stock exchanges,” Petroleum Minister Veerappa Moily told reporters after the EGoM meeting.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.