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The government had in February end approved a 10 percent stake sale in Indian Oil Corporation (IOC) to state run ONGC and Oil India at a discount of 10 percent. According to PTI, ONGC and Oil India will buy the 10 percent stake in IOC at Rs 220 per share. The IOC scrip was trading at around Rs 258 per share when the news came in. The stake sale will happen at a significant discount to current market price. Both ONGC and Oil India will buy 5 percent each in IOC, which was initiated to meet the government's FY14 divestment programme. ONGC will have to shell out a little more than Rs 2,500 crore. Sudhir Vasudeva, former ONGC chairman does not see strain on cash positions on balance sheet post the buy (IOC stake sale). He believes ONGC will be able to enter FY15 with comfortable cash positions. According to him, IOC's three month average price comes to Rs 220 per share. ONGC already has around 8.77 percent stake in IOC. He says the additional 5 percent IOC stake is attractive because there is no lock-in period, so ONGC can dilute this stake whenever it wants. He further adds that the fundamentals of IOC are pretty strong.
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