SALE OF SHARES BY IOC HELD IN ONGC AND GAIL

---

LOK SABHA

A proposal has been received from IOC to sell its equity stake in GAIL and ONGC. The number of IOC’s shares in ONGC and GAIL and the value of each share against the purchase price are given below:

Name of Company	No. of Shares held by IOC (in crore)	Purchase Price (Rs. Per share)	Market Value as on 26.7.2002 (Rs. Per share)
ONGC	13.7	162.34	347.00
GAIL	4.08	60.00	73.35

IOC is interested to monetize its investments in order to reduce its borrowing from the market. The amount which may accrue from this proposed sale will depend on a number of factors including market conditions prevailing at the time of sale.

The above information was given by Shri Santosh Kumar Gangwar, Minister of State for Petroleum & Natural Gas in the Lok Sabha today in reply to a question.