ONGC, OIL may buy IOC stake at 10% discount

According to sources close to the development, the government is likely to give 10 per cent discount for ONGC and Oil India from the current market price. The shares of IOC closed at Rs 244.10 a share, down 5.07 per cent on the BSE. At the current market price, the government is expected to fetch Rs 5,300 crore by selling 10 per cent equity or 242.7 million shares at discounted price to ONGC and OIL. Both the companies would be buying five per cent each.