IOC sells stake in ONGC to gain Rs 3669 crores

New Delhi, Apr 27 (UNI) The country's largest oil producer Indian Oil Corp (IOC) today sold 1.92 per cent stake or fifth of its holding in Oil and Natural Gas Corp Ltd (ONGC) for Rs 3669 crores to pay off its debt and fund expansion.

The IOC holding in ONGC was sold through a bulk deal on the National Stock Exchange (NSE) comprising over 2.74 crore shares.

About 2.74 crores were traded at the BSE at Rs 1,340 per share.

The deal was struck at Rs 1340 per share amounting to Rs 3669.73 crore for the 274,13,476 shares.

The shares were sold to foreign and domestic financial institutions like Life Insurance Corporation(LIC), HSBC, DWS and Templeton. IOC's capital gain works out to Rs 27.7 per share.

HSBC and LIC are learnt to have bought ONGC shares worth 100 million each, while DWS and Templeton have bought shares worth 70 million each. More than 50 investors, from across the globe participated in the book building.

IOC does not intend to sell any more of its stake for another three months, a IOC official said.

UNI/RT MP PC1746