In a bid to garner an estimated Rs 15,000 crore (Rs 150 billion) from divesting stakes in six companies, the government will hit the market for sale of equity in IPCL on February 20 followed by CMC and IBP in the next three days.

The government has favoured opening the offer for IPCL, where it is selling its residual equity on February 20 for a week, sources associated with the divestment process said.

Asking the bankers who has been appointed for sale of residual equity in three privatised companies to go for aggressive retail selling, sources said the proceeds from six companies including 10 per cent offering in oil PSUs ONGC and GAIL could be in the range of Rs 13,000-15,000 crore (Rs 130-150 billion).

After IPCL, the government would invite bids for residual equity in CMC and IBP on February 23. This would be followed by public offer for sale of 20 per cent equity in state-owned Trading Corporation, sources said.

The bids for ONGC are likely to be invited on March 3 and for GAIL on March 15.