MUMBAI (Reuters) - The government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at 387 rupees 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 93.96 billion rupees ($1.4 billion) for the government.
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 percent of gross domestic product in 2015/16.
($1 = 66.0238 rupees)
(Reporting by Himank Sharma; editing by David Clarke)
