EGoM on IOC share sale to meet on Jan 9 to decide timing

NEW DELHI: The Empowered Group of Ministers ( EGoM) on stake sale in IOC is likely to meet on January 9 to decide the timing of the sale, Oil Minister M Veerappa Moily said today.

"The EGoM was to happen on eighth but now I think it is happening on ninth. The schedule will be decided by EGoM," Moily said.

The sale of 19.16 crore shares of IOC, the nation's largest fuel retailer, at the current price would fetch the government around Rs 3,900 crore.

The government had recently held investor road shows for IOC stake sale.

IOC scrip today closed at Rs 204.40 on the BSE, nearly 46 per cent below the 52-week peak of Rs 375 reached on January 18.