Oil India IPO by September; no disinvestment in ONGC, IOC
NEW DELHI: Oil exploration major Oil India Ltd (OIL) is likely to launch an initial public offering (IPO) in September, Petroleum Secretary R.S. Pandey said here Tuesday.
He, however, ruled out disinvestment in other state-owned oil giants Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC).
“There is no plan to divest stake in IOC and ONGC,” Pandey told reporters, adding: “But we expect an initial public offering of Oil India by September.”
He pointed out that OIL’s disinvestment had been in the pipeline for a long time, but was postponed repeatedly due to adverse market conditions.
OIL chairman N.M. Borah said the company board had been informed of a roadmap for the IPO.
Besides OIL, the government is also planning to sell stake in a few other state-run entities to raise resources to fund infrastructure projects. In the interim budget, the government had calculated that it would generate Rs.1,120 crore from disinvestment.
source: Economictimes
Tags: ioc, IPO, oil india, ONGC
Similar Posts:
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
