IBP - A CAUTIOUS APPROACH: The government fixed a price of Rs 620 per share to sell its 26 per cent residual stake in Indian Oil Corporation’s subsidiary IBP to raise Rs 352 crore (Rs 3.52 billion). The issue was oversubscribed 2.8 times.
IOC holds a 53.6 per cent stake in marketing company IBP, which has more than 2,500 petrol outlets. IOC had acquired a 33.6 per cent stake in IBP by paying Rs 1,153.68 crore (Rs 11.54 billion) to the government. IBP offers petroleum products, lubricants, LPG, light diesel oil, naphtha, furnace oil, etc.
M S Ramachandran is the chairman of the company.
Managing director of IBP, Arun Jyoti (L) announces the government's plan to sell a 26 per cent stake in the company.
Photo: Rob Elliott/AFP/Getty Images
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