IOC sells 1.92% ONGC stake for Rs 3,685cr

Indian Oil Corporation today sold a fifth of its 9.2% stake in Oil and Natural Gas Corporation (ONGC) for Rs 3,685 crore.

IOC sold 2.74 crore shares, or 1.92% of ONGC equity, for Rs 1,345 per share in a sale managed by Morgan Stanley and Citigroup Inc.

The company offered ONGC shares in the price band of Rs 1,330-1,399 per share. The shares were picked up by institutional investors.