The two international merchant bankers were selected after they were ranked first and second in a competitive evaluation, according to an official press release. The government is disinvesting 5 per cent (11.3 crore shares) of its equity holding in IOC.
Earlier the government had decided that the disinvestment will be entirely in the secondary market, with some 9.6 crore shares being offered in the GDR market and the remaining 1.7 crore scrips to be offloaded in the domestic retail market.
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