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

07:40 PM Jun 01, 2019 | Free Press Journal Correspondant

New Delhi : The Cabinet cleared the proposal for sale of 10% government stake in Indian Oil Corporation (IOC), which may fetch around Rs 3,750 crore to the exchequer at the current market price. IOC scrip closed at Rs 195.75, down 4.84% 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 78.92 per cent stake in IOC. The Disinvestment Department has already selected five merchant bankers — Citibank, HSBC, UBS Securities, SBI Capital and J M Financial — to manage the stake sale of the oil major.
The disinvestment target through PSU stake sales in the current financial year is Rs 40,000 crore.

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