Oil India, ONGC to buy IOC stake at 220/share - source
NEW DELHI (Reuters) - State explorer Oil and Natural Gas Corp (ONGC)(ONGC.NS) and Oil India(OILI.NS) will pay 220 rupees a share for their proposed 10 percent stake buy in state refiner Indian Oil Corp (IOC)(IOC.NS), a government source said.
ONGC and Oil India are likely to buy the stake next week, the source said on Thursday.
In January, a panel of ministers approved the 10 percent stake sale in IOC to help the cash-strapped government raise funds to narrow its budget deficit.
(Reporting by Nidhi Verma; editing by Malini Menon)
- Tweet this
- Share this
- Digg this
Trending On Reuters
The government plans to raise about 891.2 billion rupees ($14.4 billion) by reducing its stakes in state-run banks to 52 percent, the junior finance minister said on Friday, sending shares of state lenders higher. Full Article
Forever21 sets sights on Indian cities, but please hold the hot pants Full Article
Japan inflation slows in October, output and spending show signs of recovery Full Article