17 merchant bankers in race for IndianOil disinvestment
New Delhi   08-Jul-2013

Citibank, Goldman Sachs and ICICI Securities are among 17 merchant bankers in the race to manage the sale of 10 % of the government's stake in Indian Oil Corporation (IOC), which is valued at over Rs 4,300 crore.

The Finance Ministry had in May moved a draft Cabinet note for the disinvestment of 19.16 crore IndianOil shares, or 10 % of the government's stake, through an offer for sale. The disinvestment department is expected to finalise the merchant bankers by mid-July, sources said.

At Friday's closing price of Rs 225.20 on the BSE, the share sale will fetch the government Rs 4,315 crore.

At present, the government holds a 78.92 % stake in IndianOil.