In a sign of differences between the petroleum ministry and the finance ministry over divestment of equity in Indian Oil Corporation (IOC), Petroleum Minister M Veerappa Moily on Monday said he was against giving away the shares at a "throwaway price".
The EGoM is headed by Finance Minister P Chidambaram. The ministry of petroleum and natural gas had raised its concerns against going for disinvestment thrice in the previous two months, following a lukewarm response from investors after presentations in India and abroad.
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The department had already fixed five merchant bankers - HSBC, UBS Securities, SBI Capital, JM Financial and Citibank - to manage the sale process. The company has a current market capitalisation of Rs 49,627 crore. IOC shares closed 0.5 per cent up on Monday at Rs 204.4 on the BSE exchange.