OFFLOADING OF CROSS-HOLDINGS OF SHARES HELD BY IOC, ONGC AND GAIL

By Vijay Kumar

IOC holds 9.6% of the shares in ONGC and 4.8% of the shares in GAIL. GAIL owns 2.4% shares in ONGC. ONGC owns 9.1% of the shares in IOC and 4.8% of the shares in GAIL.

IOC bought nearly 14 Crores shares of ONGC at Rs. 162. Today the share is quoted at Rs. 1025. IOC’s gain in ONGC = Rs. 12000 Crores.

IOC bought nearly 4 Crores shares of GAIL at Rs. 60. Today the share is quoted at Rs. 259. IOC’s gain in GAIL = Rs. 800 Crores.

GAIL bought nearly 3.5 Crores shares of ONGC at Rs. 162. Today the share is quoted at Rs. 1025. GAIL’s gain in ONGC = Rs. 3000 Crores

ONGC bought 3.5 Crores shares in IOC at Rs.386. Today the share is quoted at Rs. 496. ONGC’s gain in IOC = Rs. 400 Crores

ONGC bought nearly 4 Crores shares of GAIL at Rs. 60. Today the share is quoted at Rs. 259. ONGC’s gain in GAIL = Rs. 800 Crores.

Now the cabinet has permitted these PSUs to offload their cross holdings. They can use the proceeds to fund their capital expenditure.