Govt invites bankers to bid for OIL stake sale

The Department of Disinvestment has invited bids from merchant bankers for divesting the government stake further in petroleum exploring company Oil India

Written by Press Trust Of India | New Delhi | Published:September 20, 2012 1:17 am

The Department of Disinvestment has invited bids from merchant bankers for divesting the government stake further in petroleum exploring company Oil India (OIL).

The government has decided to disinvest 10 per cent paid up equity of OIL through Offer for Sale (OFS) of shares through the stock exchanges,DoD said in an advertisement.

The last date for submitting expressions of interest (EoIs) by merchant bankers and selling brokers is October 4.

The government holds 78.43 per cent stake in the company and would come down to 68.43 per cent,post disinvestment.

OIL’s paid-up capital,as on March 2012,was Rs 601 crore.

The role of the merchant bankers would be to assist and advise the government on modalities of the offer for sale and also conduct market surveys for pricing the offer.

Last week,the government decided to sell its stake in four PSUs — Hindustan Copper,OIL,MMTC and Nalco — which may fetch around Rs 15,000 crore. The Cabinet Committee on Economic Affairs (CCEA) cleared the proposal of 12.15 per cent stake sale of Nalco and 9.33 per cent in MMTC through OFS route.

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