In what may fetch the exchequer close to Rs. 3,000 crore, the Empowered Group of Ministers (EGoM), headed by FM P Chidambaram, on Friday cleared the proposal that will allow the Centre to offload its 10% equity in Oil India Ltd (OIL). “The proposal has been cleared. Disinvestment will take place on February 1 through OFS route. We will raise roughly R2,500-3,000 crore,” said petroleum secretary G C Chaturvedi.

According to sources, shares will be offered at a discount.

“Price has been determined. It has been communicated to stock exchanges,” said petroleum minister Veerappa Moily.

The government has proposed to sell 10% stake, or 6.01 crore shares, in petroleum exploring company OIL through the offer for sale (OFS) route.  The government currently holds 78.43% stake. OIL’s paid-up capital, as on March 2012, was Rs. 601crore.

Shares of OIL were trading at Rs. 528 apiece, down 2.14% from its previous close on the BSE, in later afternoon trade. At current prices, 10% stake can fetch around Rs. 3,000 crore.