Govt to sell 26% IBP stake to public

The Centre will sell 26 per cent of its stake in oil marketing PSU IBP and Company Limited to the general public, its chairman M.S. Ramachandran said on Wednesday. Speaking at the annual general meeting of the company here, Ramachandran said the government had decided not to sell the 26 per cent stake holding to the IOC, but to the general public after exercising the put option at the end of the first year. IOC holds 53 per cent stake in the IBP and Company Limited.

He said the modalities of the sale, whether through private placement or the book-building route, would be decided by the government.