Advertisement

HindustanTimes Tue,21 Oct 2014

EGoM clears OIL divestment proposal

HT Correspondent, Hindustan Times  New Delhi, January 30, 2013
First Published: 18:31 IST(30/1/2013) | Last Updated: 23:15 IST(30/1/2013)

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).

Advertisement

“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.


Advertisement
more from Business

Oil giant CEO killed after drunk snow plow driver rams his jet

The chief executive of French oil major Total, Christophe de Margerie, was killed in an airplane collision with a snow plow at Moscow's Vnukovo International Airport, airport spokesperson Elena Krylova said on Tuesday.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved