Government appoints five banks for IOC stake sale

The government has hired five banks to manage a stake sale valued at up to Rs9,500 crore in state-run Indian Oil Corp, IFR reported today, citing people familiar with the deal.

The government tapped Citigroup, Deutsche Bank, JM Financial, Kotak and Nomura to handle the sale of a 10 per cent stake in the oil company, which at current market prices would be worth up to Rs9,500  crore, added IFR, a Thomson Reuters publication.

Indian Oil didn't immediately respond to a request for comment on the share sale, Reuters reported.