The government has selected five merchant bankers, including Goldman Sachs and Citigroup, to manage the government’s 3 per cent stake sale in IOC (Indian Oil Corporation) which could fetch about Rs 6,000 crore to the exchequer. The other bankers who have been selected by the Department of Investment and Public Asset Management (DIPAM) for managing the stake sale are Deutsche Equities, SBI Capital Markets and ICICI Securities.
As many as 10 merchant bankers had made presentations before the DIPAM, out of which five were selected.
Static Takeaways for SBI PO Mains Exam-
- B Ashok is the present chairman of Indian Oil Corporation (IOC).
- The Department of Disinvestment was set up as a separate Department on 10th December 1999 and was later renamed as Ministry of Disinvestment from 6th September 2001.
- From 27th May 2004, the Department of Disinvestment is one of the Departments under the Ministry of Finance.
- The Department of Disinvestment has been renamed as Department of Investment and Public Asset Management (DIPAM) from 14th April 2016.
Source- Economic Times