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IOC sells Gail shares for Rs 561 cr

Indian Oil Corp, the country's largest refiner, on Thursday sold half of its holding in Gail India Ltd for Rs 561 crore.

india Updated: Mar 02, 2006 11:04 IST

Indian Oil Corp, the country's largest refiner, on Thursday sold half of its holding in Gail India Ltd for Rs 561 crore.

IOC sold 2.04 crore shares at Rs 275 per share to various domestic and overseas financial institutions including Life Insurance Corp and ICICI Prudential.

The share sale represent 2.41 per cent stake of Gail.

The company had appointed JM Morgan Stanley and Citi Financials as the two merchant bankers for sale of its shares in Oil and Natural Gas Corp and Gail (India) Ltd.

Prior to the deal, IOC held 4.08 crore equity shares or 4.83 per cent in GAIL. The company also has 13.7 crore equity shares or 9.61 per cent stake in ONGC.

The company's Board had on December 28 approved the sale of 20 per cent of its holding in ONGC and 50 per cent of its holding in Gail.

First Published: Mar 02, 2006 11:04 IST