Mumbai: The government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at Rs 387 each, the company said, a two percent discount from Friday`s close.
At the floor price, the 10 percent stake sale in the company will bring in Rs 93.96 billion (USD 1.4 billion) for the government.
New Delhi is seeking to raise as much as USD 11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015/16.
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