NEW DELHI 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)
Wall St set to open flat as investors digest Fed comments
Wall Street was set to open flat on Monday as investors pondered the timing of the next interest rate hike following comments from top Federal Reserve officials.
Dollar at 3-week high, bonds and stocks sell off on hawkish Fed
LONDON The dollar rose to a three-week high against the yen on Monday, while bond yields surged to their highest since June and stocks sold off after senior Federal Reserve officials indicated a U.S. interest rate increase was on the cards in the near term.
Gold hits near 5-week low after Fed strikes hawkish note
LONDON Gold slid to a near five-week low on Monday after comments from top Federal Reserve officials fuelled speculation that U.S. interest rates would rise sooner rather than later, weighing on the dollar.