Empowered Group of Ministers (EGoM) shall on Saturday decide the price at which 10% shares of Indian Oil Corporation are to be divested. The panel of ministers shall be headed by Finance Minister P Chidambaram. ONGC and OIL shall each buy 5% stake in IOC.
The 10% shareholding in IOC to ONGC and OIL shall be offered at a discount of about 10% to the current price. ‘The EGoM on IOC disinvestment will meet tomorrow to decide on price of sale to ONGC and OIL’, an official said.