Government to sell 10% stake in IOC for Rs 9,500 crore

In the biggest disinvestment announced this fiscal quarter, the government will sell a 10% stake in nation’s largest oil firm IOC to raise about Rs 9,500 crore on Monday.

The government, which holds 68.6% interest in IOC, will sell 24.28 crore equity shares through an offer for sale (OFC) on Monday, the floor price of which will be announced tomorrow evening.