The government has cleared nod to sell 10% stake in Oil India, which is likely to raise around 30bn, according to reports.
"The proposal has been cleared by the empowered group of ministers (EGoM) and disinvestment will take place on February 1 through offer for sale (OFS) route," petroleum secretary GC Chaturvedi was quoted as saying.
The government's stake in the company will fall from 78.43% to 68.43% after the disinvestment, report said.
Last week, EGoM had deferred its decision on OIL stake sale.
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.