New Delhi: State-owned Indian Oil Company has sold a fifth of its holding in ONGC on Thursday. About 2.74 crore shares changed hands on the NSE at Rs 1,345 per share.
IOC has sold 1.92 per cent stake for Rs 3685 crore, making capital gains of Rs 3241 crore. IOC's capital gain works out to Rs 27.7 per share.
LIC, HSBC, DWS and Templeton were the major buyers, according to sources.
HSBC and LIC are learnt to have bought ONGC shares worth USD 100 million each, while DWS and Templeton have bought shares worth USD 70 million each. More than 50 investors, from across the globe participated in the book building, informs an analyst.
Director of Finance at IOC, S V Narisimhan informs that IOC has no plans to sell any more stake in next three months.
He adds that they will use the cash for reducing debt and their borrowing powers will also increase.
He also says that they are not selling any GAIL stake in next three months.
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