The Department of Disinvestment (DoD) had sent a draft note to the Cabinet Committee on Economic Affairs (CCEA) for selling of an additional 10% shares of the profitable Indian Oil Corporation (IOC) for raising over Rs. 7,000 crore. The government share will come down from 78.92% to 68.92% through the sale.
Once again, the Central Government has initiated disinvesting of PSU shares in a big way. It was only a few days back that the government decided for 10% selling of Coal India shares which has been stopped by the workers’ protest.