IOC gets green light to sell India’s 10% stake

The government cleared the proposal to sell 10% of its stake in India’s flagship refiner-marketer Indian Oil Corporation (IOC), with the aim of raising INR3,750 crore (US$612.3 million) at IOC’s current market price of INR195.75 (US$3.20) per share.
The government owns 78.92% of the country’s largest refiner, which has a market capitalization of INR54,519 crore (US$8.9 billion). It posted net profits of INR5,005 crore (US$817.2 million) in the Fiscal Year 2012-13, up from INR3,954 (US$645.6 million).
Five banks have been selected to manage the stake sale: Citibank, HSBC, UBS Securities, SBI Capital and J M Financial.