The Cabinet on Thursday approved a proposal to divest 10 per cent of the government's stake in state refiner Indian Oil Corp Ltd, Information and Broadcasting Manish Tewari told reporters.
The 10 per cent stake is valued at around Rs 3,750 crore as per Indian Oil's current market price. The divestment is part of New Delhi's plan to raise Rs 40,000 crore through stake sales in the current fiscal year ending March 2014.
Shares in Indian Oil, the country's biggest refiner, ended down 4.6 per cent before the announcement at Rs 195.55.
Copyright: Thomson Reuters 2013
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