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Govt. plans to divest 10% of its stake in Oil India

India Infoline News Service/ 09:48 , Dec 05, 2012

The offer for sale aims to raise Rs. 25bn and it’s the first time that the government has given a time frame for the offer of sale.

The government plans to divest 10% of its stake in the stateowned oil explorer and producer 'Oil India' by January 15. The offer forsale aims to raise Rs. 25bn and it’s the first time that the government hasgiven a time frame for the offer of sale. Recently retired disinvestmentsecretary, Harleem Khan said last week that the government aims to bring theOIL issue by December 20.

 

A senior official finance ministry added that the aim is tobring NMDC (National Mineral Development Corporation) issue by 15th Decemberand Oil Indiathereafter within a gap of 15-20 days, said the reports.

 

Oil ministry earlier said at least two offers for saleshould be tested to gauge the market and had earlier expressed itsapprehensions against untimely offers of sale for oil companies, say reports.

 

Finance and oil ministry official say that the is a consensuson the date of issue but the road shows should be planned in such a manner soas to get maximum number of foreign investors interested in the issue.

 

There also seems to be little disagreement among some fromgovernment, industry officials and Department of Disinvestment (DoD) over thedate of beginning the road shows in Mumbai which the latter is keen on startingfrom this Thursday while the latter want the campaign to begin after Christmas.  

 

       

 



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