Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh has decided to sell 10 percent of its stake in Indian Oil Corporation to fetch around Rs. 3,700 crore at the current market price.
Finance Ministry released a statement on Friday that read, "After this disinvestment the government of India share-holding in the company would come down to 68.92 percent".
"The disinvestment will be through Offer for Sale (OFS) method in the domestic market according to the SEBI rules and regulations," it said.
The government hopes to raise Rs.40,000 crore through stake sales in the current financial year that began April 1.
The share price of Indian Oil Corporation slumped 2.48 percent to Rs.190.90 at the Bombay Stock Exchange.
Indian oil is country's largest petroleum retailer.
(with inputs from IANS)
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