Indian Oil stake sale floor price set at Rs387 a share
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Mumbai: The government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at Rs387 each, the company said, a 2% discount from Friday’s close.
At the floor price, the 10% stake sale in the company will bring in Rs9,396 crore ($1.4 billion) for the government.
New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9% of gross domestic product in 2015/16. Reuters
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