GOVT TO SELL 5% OF IOC, GAIL IN DOMESTIC MARKET
Article Abstract:
The Government of India, which had announced the divestment of 10 percent of its equity in the Indian Oil Corporation Ltd (IOCL), is now planning to reduce another 5 percent of its stake in IOCL. Post divestment the Government's stake in IOCL will be reduced to around 78 percent. The Government is also considering to sell 5 percent of its stake in Gas Authority of India Ltd (GAIL) in the domestic market. The total divestment and a combination of buybacks and share-trades among oil public sector units will fetch the Government Rs8,000 crore revenue. (gs) (psr)
Comment:
The Government of India, which had announced the divestment of 10 percent of its equity in the Indian Oil Corporation Ltd (IOCL), is now planning to reduce another 5 percent of its stake in IOCL.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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TAIB BANK TEAM BUYS 65% IN HINDITRON
Article Abstract:
Taib Bank (TB) of Bahrain has signed a pact with Hinditron Informatics Ltd (HIL). Under this agreement, TB will buy 65 percent stake in HIL at Rs8 per share. Following the pact, the HIL share price, which was Re1 on the Bombay Stock Exchange on February 24, 1998, has risen to around Rs8. TB has set up a subsidiary in Bangalore - Taib Capital Corporation Ltd. HIL produces software for cellular phones, electronic organisers and navigation systems. HIL accumulated losses of over Rs7 crore on net sales of Rs5.84 crore in 1997-98. (gs)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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