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According to the Economic Times of India, the Indian government is planning to sell more than $2 billion worth of shares in state-owned oil companies, including Oil and Gas Corporation (ONGC), Indian Oil Corporation (IOC) and Oil India Corporation (OIL).
With more than four months remaining in the current financial year, the government is likely to work towards its divestment target
of Rs 8,000 crore for FY2018-19.
According to Business Daily, citing sources in the Ministry of Finance, only a quarter of the divestment targets have been met
so far.
According to the Eastern Time report, the Indian government may sell about 5% stake in Indian oil and gas company ONGC, 3% stake in Indian oil IOC and 10% stake
in oil Indian company OIL.
However, depending on investor sentiment and buyback programs, the actual amount quoted may vary
.
Based on Friday's closing price, 5 per cent of ONGC's shares are worth around Rs 10,000 crore, while shares in 3 per cent of Indian Oil IOC and 10 per cent of Shares in Oil India's OIL are worth around Rs 65,000 crore
.
Currently, the government holds 67.
48% of the shares of Indian Oil & Gas Corporation, 56.
75% of IOC and 66.
13% of OIL
.
The government could sell the shares at a 5 percent discount below market rates, so the total inflow of stock sales could be just over $2 billion
, the sources said.
Not only that, but the boards of these companies may soon consider buyback proposals, which are
government-driven.
According to the Economic Times of India, the Indian government is planning to sell more than $2 billion worth of shares in state-owned oil companies, including Oil and Gas Corporation (ONGC), Indian Oil Corporation (IOC) and Oil India Corporation (OIL).
With more than four months remaining in the current financial year, the government is likely to work towards its divestment target
of Rs 8,000 crore for FY2018-19.
According to Business Daily, citing sources in the Ministry of Finance, only a quarter of the divestment targets have been met
so far.
According to the Eastern Time report, the Indian government may sell about 5% stake in Indian oil and gas company ONGC, 3% stake in Indian oil IOC and 10% stake
in oil Indian company OIL.
However, depending on investor sentiment and buyback programs, the actual amount quoted may vary
.
Based on Friday's closing price, 5 per cent of ONGC's shares are worth around Rs 10,000 crore, while shares in 3 per cent of Indian Oil IOC and 10 per cent of Shares in Oil India's OIL are worth around Rs 65,000 crore
.
Currently, the government holds 67.
48% of the shares of Indian Oil & Gas Corporation, 56.
75% of IOC and 66.
13% of OIL
.
The government could sell the shares at a 5 percent discount below market rates, so the total inflow of stock sales could be just over $2 billion
, the sources said.
Not only that, but the boards of these companies may soon consider buyback proposals, which are
government-driven.
