ONGC and OIL will buy 10% Stake in IOC

Government has approved to sell 10% stake sell to Cash rich ONGC and OIL .

This will leads to fetch Rs 5300 crore.

This will lead to achieve govt. disinvestment target.

ONGC and OIL both will buy 5% each in IOC.

Currently ONGC hold 8.77 % in IOC.

This is an off market deal.

Govt. doesn't go for offer for sale as current price of IOC Stock could not justifies IOC Valuation.

IOC Share closes at 248.10 Rs/Share up 0.06%.

IOC Stock touched intraday high of 252.90 Rs/Share and Touched Intraday low of 244.85 Rs/Share.