Financial Daily from THE HINDU group of publications
Sunday, May 25, 2003
Financial Daily from THE HINDU group of publications Sunday, May 25, 2003 |
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Corporate
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Announcements Markets - IPOs IOC public issue unlikely in near future Our Bureau
CHENNAI, May 24 INDIAN Oil Corporation's public issue is not going to hit the markets anytime in the near future. "Our priority is to monetise our holdings in ONGC and GAIL," IOC's Chairman, Mr M S Ramachandran, said on Saturday. It may be recalled that in 1999, IOC acquired 13.7 crore shares of ONGC and 4.08 crore shares of GAIL from the Government representing 9.6 per cent and 4.8 per cent of their respective equity capitals. This was part of the equity swap among the three oil companies arranged by the Government to boost its proceeds from the disinvestment programme. The total acquisition cost for IOC then was Rs 2,470 crore. Mr Ramachandran said that anyway the company has enough funds for all its ongoing projects. Also, there are the options of borrowing cheap from the overseas markets. Mr Ramachandran was here for a board meeting of Chennai Petroleum Corporation Ltd, an IOC-subsidiary. At a press conference held for announcing the annual results of CPCL, Mr Ramachandran said that negotiations were on between IOC and National Iranian Oil Company, for enabling NIOC to exchange its stake in NIOC for some shares in IOC. He said that he had been in Iran only last week, when some discussions on the subject took place. These discussions would be furthered next week, when an Iranian delegation comes to India. Asked for an update on IOC buying the Union Government's 26 per cent stake in IBP Ltd, Mr Ramachandran said that the Government had not decided on it as yet. IOC had last year bought out 33.58 per cent Government stake in IBP Ltd for Rs 1,153.68 crore — the first disinvestment of an oil marketing company. Similarly, the Government's approval was also awaited for IOC setting up a separate company— perhaps a joint venture— for retailing its petro products.
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