The sale of 10% stake or 24.27 crore shares will be through an off-market transaction, with ONGC and Oil India buying 5% stake each.
The two companies (ONGC and OIL) will now work out the deal and the stake sale will happen very shortly. It should be happening in next few days. The government advises the board and the two boards will meet and decide. It will be an off-market deal, Oil Secretary Vivek Rae told reporters after an EGoM meeting.
The Empowered Group of Ministers (EGoM) on disinvestment, headed by finance minister P Chidambaram, met on Friday to finalise the price of the share sale.