IOC FPO to be discussed soon: Divestment secy
New Delhi   10-Nov-2010

The Cabinet will soon take up for discussion IndianOil's follow-on public offer of shares, disinvestment secretary Sumit Bose said on Tuesday. "The Cabinet will take up this issue very soon," Bose said on the sidelines of a conference here organised by Power Grid Corp of India. The follow-on public offers of ONGC, SAIL and IOC will happen by March, Bose said. "The government is trying for all three (disinvestment in ONGC, SAIL and IOC) by this financial year," Bose said. The government plans to divest 5% equity stake in ONGC to raise about Rs 150 billion. ONGC chief RS Sharma had earlier said the company's public offer will hit the market in the first quarter of 2011-12.