Government to divest 10 percent stake in Oil India

New Delhi, Jan 30 (IANS) The government will raise at least Rs.2,500 crore ($465 million) by divesting 10 percent stake in Oil India (OIL), an Empowered Group of Ministers (EGoM) meeting here decided Wednesday.

Announcing this, Oil Minister Veerappa Moily told mediapersons after the meeting that the disinvestment involved 60.1 million OIL shares through the offer for sale (OFS) route.

"It has been communicated to stock exchanges," Moily said.

Petroleum Secretary G.C. Chaturvedi said the disinvestment will take place Feb 1. "Roughly we will raise Rs.2,500-3,000 crore," he said.

The government now holds 78.43 percent stake in the company. This would come down to 68.43 percent after disinvestment.

The government has so far raised Rs.69 billion ($1.25 billion) through its disinvestment programme.

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