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India Government To Sell 10% Stake In Oil India Ltd On Feb 1; Government To Sell Stakes In Steel Authority of India Ltd And Others In FY 2013-DJ


Wednesday, 30 Jan 2013 04:53am EST 

Dow Jones reported that the Indian government will Friday sell a 10% stake in state-run explorer Oil India Ltd through stock exchange auctions. While the stake sale plan was approved by the federal cabinet earlier, its timing and pricing were decided by a panel of ministers Wednesday. The price will be disclosed after market hours Thursday, but he added that the government hopes to raise INR25 billion to INR30 billion ($467 million-$561 million) by offering 60 million shares. The share auction is part of a government disinvestment program through which it plans to sell stakes in several state-run companies to raise INR300 billion ($5.5 billion) in this fiscal year through March to help narrow its ballooning fiscal deficit. Earlier in January, the government will sell stakes in as many as seven companies, including in Oil India, by the end of March. These include a 10.82% stake in the Steel Authority of India Ltd, which has already been approved by the federal cabinet. Other stake sales on the cards include 12.5% of Rashtriya Chemicals & Fertilizers Ltd, 9.33% of MMTC Limited and 10% of Engineers India Ltd. 

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