The government has selected five merchant bankers to manage its three per cent stake sale in Indian Oil Corporation, IOC, which could fetch about six thousand crore rupees to the exchequer.

The bankers are - Goldman Sachs, Citigroup, Deutsche Equities, SBI Capital Markets and ICICI Securities. Sources said, as many as 10 merchant bankers had made presentations before the DIPAM yesterday, out of which five were selected.

Government currently holds 58.28 per cent stake in IOC. It plans to sell 3 per cent stake in the nation's largest oil retailer through an offer for sale. 

The government has set a target of raising 46,500 crore rupees through minority stake sale and 15,000 crore rupees from strategic disinvestment.

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