The Indian government has announced a 10% stake sale in Indian Oil Corporation (IOCL) through Offer for Sale (OFS) on Monday, August 24. The government intends to sell 242.79 million equity shares each of face value of Rs 10 each.

The government holds 67.57% stake in the India's largest oil marketing company. The company's market capitalization stood at Rs 957.71 billion based on the Friday's closing price of Rs 394.45. As per this, the government is expected to receive Rs 95 billion for 10% stake sale through OFS.

The OFS will be carried on the separate window provided by the BSE and the NSE. The government has appointed Citigroup global markets India, Deutsche Equities, Nomura Financial Advisory & Securities, JM Financial Institution Securities and Kotak Securities as lead managers for stake in IOCL.

The government has declared a 5% discount for retail investors to the cut off price.