IOC share sale delayed to next fiscal
New Delhi   16-Feb-2011

A share sale in state-run refiner IndianOil (IOC) is likely in the next fiscal year, the country's Oil Secretary S Sundareshan said, a delay of at least a few months from an earlier slated January launch on unfavourable market conditions.

IOC chairman SV Narasimhan said last week the share sale, which its former head had said last December aimed to raise $4.4 billion, would be delayed due to unfavourable market conditions and rising crude oil prices. The government plans to sell 10pc stake in IOC, while the company will offer an equal number of new shares in the planned offer, which is part of a government plan to sell stakes in about 60 state-run firms to cut high fiscal deficit and garner funds to spend on schemes for the poor. A planned share sale in ONGC is set for launch in mid-March.