Government on Thursday approved the move to divest its 10 per cent stake in Indian Oil Corporation (IOC), which is likely to garner Rs 3,750 crore to the exchequer at the current market price.
The Cabinet Committee on Economic Affairs (CCEA) cleared the proposal during its meeting held on Thursday evening, sources privy to the information, said. The Government currently holds a 78.92 per cent stake in IOC. The Department of Disinvestment (DoD) has already selected five merchant bankers namely - Citibank, HSBC, UBS Securities, SBI Capital and J M Financial - to manage the stake sale of the oil major.