Oil and Natural Gas Corporation (ONGC) may sell 18.64% of its holdings in Indian Oil Corporation (IOC) and Gas Authority of India Limited (GAIL) in order to fund Rs 33,000 crore acquisition of HPCL.
The decision to sell the stake is yet to be confirmed. As the company is currently debt free , the shareholders have decided to raise 25,000 crore from market through borrowings.
Currently, ONGC has about Rs 26,450 crore worth stake in IOC and 1,640 crore worth in GAIL.
Stocks in the news: ONGC, Godrej Properties, GE Power, Ashiana Housing, IDBI Bank https://t.co/O8XJw1pMHR pic.twitter.com/4XFAAbAOLl
— moneycontrol (@moneycontrolcom) September 28, 2017