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INDIAN REFINER IOC CALLS FOR BIDS FOR SALE OF ENERGY
INTERESTS
Monday January 30, 2006
NEW DELHI, Jan 27 Asia Pulse - State refiner Indian Oil Corp (IOC) has
called for price bids from institutional investors for the sale of its
shareholding in the Oil and Natural Gas Corporation (ONGC) and GAIL (India)
Ltd.
IOC has asked Kotak Mahindra, Citi Financials and JM Morgan to submit price
bids for the sale of up to 20 per cent of its equity holding in India's
highest profit-making firm, ONGC, company sources said.
For the sale of up to 50 per cent of its holdings in GAIL, IOC has invited
the three plus SBI Caps-CLSA combined to submit price bids by next weekend.
IOC holds 13.7 crore (1 crore = 10 million) equity shares or a 9.61 per cent
stake in ONGC and 40.8 million equity shares or an 4.83 per cent in GAIL.
The company board had on December 28 approved the sale of up to 20 per cent
of its stake in ONGC and up to 50 per cent in GAIL this fiscal year.
The IOC had received 13 presentations for the stake sale and had shortlisted
three invitation for price bids for the ONGC divestment and four for GAIL.
"The company board on Thursday approved investment of the price bids," an
official said.
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