Cabinet clears 10 pc IOC disinvestment; to fetch Rs 3,750 cr

August 01, 2013 21:24

The Cabinet today cleared the proposal for sale of 10 per cent government stake in Indian Oil Corporation (IOC), which may fetch around Rs 3,750 crore to the exchequer at the current market price.

"IOC disinvestment proposal has been cleared by the CCEA (Cabinet Committee on Economic Affairs)," sources said.

The IOC scrip closed at Rs 195.75, down 4.84 per cent on the BSE. At the current market price, the sale of the 19.16 crore shares would fetch Rs 3,750 crore to the exchequer.

The government holds a 78.92 per cent stake in IOC.

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