CCEA approves 10% stake sell of IOC

The Cabinet Committee on Economic Affairs (CCEA) approved the proposal for sale of 10% of government stake in country’s largest refiner Indian Oil Corporation (IOC), which is likely to generate around Rs.3,840 crore to the exchequer.

The selling will be carried out through the offer for sale route. Currently, the government controls 78.92% stake in IOC. IOC has a market capitalisation of Rs.54,519 crore. It posted a net profit of Rs.5,005 crore in 2012-13, up from Rs.3,954 crore in the 2012. The government has set the disinvestment target of Rs.40,000 crore through the stake sale of public sector undertakings. So far, it has fetched Rs.929 crore through stake sale in MMTC, Hindustan Copper and National Fertiliser.

Month: Current Affairs - August, 2013