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IOC calls bids for sale of ONGC, GAIL shares

IOC has called price bids from institutional investors for sale of its shareholding in ONGC and GAIL (India) Ltd.

india Updated: Jan 27, 2006 15:58 IST

State refiner Indian Oil Corp (IOC) has called price bids from institutional investors for sale of its shareholding in Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd.

IOC has asked Kotak Mahindra, Citi Financials and JM Morgan to submit price bids for sale of upto 20 per cent of its equity holding in India's highest profit making firm, ONGC, company sources said.

For sale of upto 50 per cent of its holding in GAIL, IOC has invited the three plus SBI Caps-CLSA combine to make price bids by next weekend.

IOC holds 13.7 crore equity shares or 9.61 per cent stake in ONGC and 4.08 crore equity shares or 4.83 per cent in GAIL.

The company board had on December 28 approved sale of upto 20 per cent of its stake in ONGC and upto 50 per cent in GAIL this fiscal.

IOC had received 13 presentations for stake sale and shortlisted three for invitation for price bids for ONGC divestment and four for GAIL.

"The company board yesterday approved investment of the price bids," an official said.

First Published: Jan 27, 2006 15:58 IST