<div>The government has hired five banks to manage a stake sale valued at up to $1.5 billion in state-run Indian Oil Corp, IFR reported on Thursday, citing people familiar with the deal.</div><div> </div><div>The government tapped Citigroup, Deutsche Bank, JM Financial, Kotak and Nomura to handle the sale of a 10 percent stake in the oil company, which at current market prices would be worth up to 95 billion rupees, added IFR, a Thomson Reuters publication.</div><div> </div><div>Indian Oil didn't immediately respond to a Reuters request for comment on the share sale.</div><div> </div><div>New Delhi is seeking to raise as much as $11 billion by selling stakes in state-run companies this fiscal year, crucial to narrowing the fiscal deficit to a planned 3.9 percent of gross domestic product in 2015/16.</div><div> </div><div>The government is aiming to sell a 10 per cent stake valued at around $3.7 billion in top coal miner Coal India Ltd through a stock market auction.</div><div> </div><div>The government, which owns 78.65 per cent of Coal India, has sought bids from banks by Sept. 2 to manage the share offering, according to a notice issued by the Department of Disinvestment, which oversees stake sales in state companies.</div>
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