The government has hired five banks to manage a stake sale valued at up to Rs. 9,500 crore in state-run Indian Oil Corp, IFR reported on Thursday, citing people familiar with the deal.
The government tapped Citigroup, Deutsche Bank, JM Financial, Kotak and Nomura to handle the sale of a 10 per cent stake in the oil company, which at current market prices would be worth up to Rs 9,500 crore, added IFR, a Thomson Reuters publication.
Indian Oil didn’t immediately respond to a Reuters request for comment on the share sale.
