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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