Industry & Economy
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Disinvestment
Govt to divest 10% OIL stake to PSU refiners
Our Bureau
New Delhi, Aug. 10 Indian Oil Corporation Ltd, Hindustan Petroleum Corporation Ltd, and Bharat Petroleum Corporation Ltd, may get a stake in Oil India Ltd, with the Government planning to sell 10 per cent of its equity stake in the exploration company in favour of the three State-owned refiners.
A senior official said that the proposed divestment of Government’s stake to State-run oil companies would be undertaken along with Oil India’s initial public offer.
A senior Petroleum Ministry official said, “The divestment in Oil India will be a preferential allotment to the oil marketing companies — with 5 per cent to IOC, and 2.5 per cent each to HPCL and BPCL.”
He said that a Cabinet note has already been moved for the divestment and the initial public offer. Oil India plans to launch its initial public offer of up to 10 per cent of its equity later this year, hoping to mop up around Rs 1,500 crore.
Shareholding
The Government currently holds 98.13 per cent in the exploration firm. After the two offers, this shareholding will drop to 77-78 per cent, he said.
OIL, the nation’s second largest State-run oil explorer, plans to offer 10 per cent stake to the public in an IPO and another one per cent to its employees in February 2008.
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