State-owned ONGC and Oil India ltd (OIl) will buy a 10 per cent stake in Indian Oil Corp (IOC) from the Government at Rs 220 per share, aggregating about Rs 5,300 crore.
An Empowered Group of Ministers (EGoM) headed by Finance Minister P Chidambaram had on February 28 decided to sell the stake in IOC, the nation's largest oil firm, at a discount of 10 per cent through an off-market deal. Sources said the IOC scrip traded at about Rs 245 on that day and a 10 per cent discount to that price was calculated to arrive at a selling price of Rs 220 a share. Also, Rs 220 is the three-month average trading price of IOC shares.