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ONGC, Oil India to buy 10% stake in IOC

The Centre plans to complete the Axis Bank stake sale through a Specified Undertaking of the Unit Trust of India (SUUTI) by March 24-25.

By: ENS Economic Bureau | New Delhi |
March 15, 2014 3:43:34 am

The government successfully sold 10 per cent stake (representing 24.28 crore shares) in Indian Oil Corp (IOC) on Friday to ONGC and Oil India (OIL), helping the exchequer raise about Rs 5,341 crore via an off-market transaction.

Sources said ONGC and OIL acquired 5 per cent each (about 12.14 crore shares each) in the state-owned oil and gas company at a price of Rs 220 a share. Post stake sale, the government’s share in IOC will drop to 68.92 per cent.

ONGC’s stake in IOC will increase to 13.77 per cent from 8.77 per cent as on quarter ending December 31, 2013. Shares of IOC settled 1.9 per cent or Rs 5.2 lower at Rs 269.20 compared to 0.16 per cent gains in benchmark Sensex.

The Centre now plans to complete the Axis Bank stake sale through a Specified Undertaking of the Unit Trust of India (SUUTI) by March 24-25.

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