New Delhi : The government is planning to divest up to 10 per cent stake in Oil India (OIL) in 2018-19, a senior finance ministry official said.
“We had taken the Cabinet nod for selling 10 per cent stake in Oil India and we plan to do that within this fiscal if the market conditions are favourable,” the official said.
In 2016-17, the government had appointed merchant bankers to advise the government on divestment of 10 per cent stake in state-owned Oil India through an offer for sale. The government currently holds 66.13 per cent stake in the oil explorer.
As per BSE, the company’s current market capitalisation is at Rs 24,791 crore. At the current market price, the government can raise about Rs 2,479 crore by selling 10 per cent stake in the company. The government may also reduce stake in Coal India in the current fiscal.