The finance ministry wants to sell 10 per cent of the government’s stake in Indian Oil Corp (IOC) by end of the month in a bid to achieve its Rs 40,000 crore disinvestment target.
“We want to push the IOC stake sale first, within November itself. This will pave the way for disinvestment of other oil sector PSUs like Engineers India,” a senior finance ministry official said.
Last month, the Department of Disinvestment put off overseas roadshows for the IOC stake sale following opposition from the company and the petroleum ministry, which cited poor market conditions. The roadshows were planned in London, US, Singapore, Hong Kong and Dubai.
IOC shares rose 1.62 per cent to Rs 213.20 at the close on the BSE on Friday. They have fallen 43 per cent from the 52-week peak of Rs 375 on January 18.