The Indian government is set to divest 5% of its shares in Oil and Natural Gas Corporation (ONGC) and 10% of shares in Indian Oil Corporation (IOC), reports quoting Disinvestment Secretary Sumit Bose said.
"We are yet to appoint a banker for IOC's public offer, but we hope to complete the process in Q1 of the financial year of 2012-13," Disinvestment Secretary Sumit Bose told reporters
Speaking on the sidelines of a Coal India press conference in Mumbai on Wednesday, Bose said that the government is yet to appoint a banker for IOC's public offer.
He expressed hope that the process will be completed by the first quarter of fiscal 2012. He said that IOC offer would be a huge one and hinted on a fresh issue of 10% shares.
The government has appointed bankers for Steel Authority of India (SAIL) public offer, he added.
The government gave its nod for disinvestment of 10% stake in Shipping Corporation of India that could mop up 1,300 crore rupees. The upcoming Coal India IPO, the biggest-ever IPO of the country, is expected to raise 15,400 crore rupees, he added.
The government has so far raised 1,000 crore rupees each from divesting its stake in Satluj Jal Vidyut Nigam and Engineers India this fiscal.
The government's target for current fiscal through disinvestment is 40,000 crore rupees.