Rediff.com
Print this article

Govt to raise USD 1.4 billion from Indian Oil share sale

Last updated on: August 24, 2015 18:34 IST

India is set to raise abou Rs 9,379 crore or Rs 93.79 billion from a share sale in state-run Indian Oil Corp, the government said on Monday, but a slump in the stock market raised concerns about future stock offerings.

The sale of 242.8 million shares came on a day when India's stock markets slipped nearly 6 percent, their biggest daily falls since January 2009 as steep falls in Chinese equities sparked widespread unrest in global markets.

Disinvestment Secretary Aradhana Johri said markets were getting difficult and the government would have to "look for opportunities" for further asset sales. New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 per cent of gross domestic product in 2015/16.

Manoj Kumar
Source:
© Copyright 2019 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.