07 August 2010;timesofindia.indiatimes.com:NEW DELHI: Government plans to sell 5% of its stake in Oil and Natural Gas Corp (ONGC) and 10% in IndianOil Corp (IOC) to raise about Rs 21,000 crore in this financial year, oil secretary S Sundareshan said on Friday. "We have received a note from department of disinvestment (Do) that says they have approval of the finance ministry for divestment of government stake in ONGC and IOC," he said. The proposal, he said, is for sale of 5% or 10.6 crore equity shares in ONGC through a follow-on public offer (FPO), which at Friday's trading price of Rs 1,233.25 would fetch the government Rs 13,189 crore. In IOC, DoD has proposed to sell 10% of government equity through an FPO. "Simultaneously, IOC also proposes to sell 10% of the expanded equity capital (through an FPO) to raise funds for its expansion plans," he said. Post stake sale, the government's shareholding in ONGC will come down to 69.1% from 74.1% currently. In IOC, the twin divestment and stake sale would reduce the government holding from 78.9% to 64.5%.
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