<div>The government has set a floor price for the sale of shares in top state-run refiner Indian Oil Corp Ltd at Rs 387 each, the company said, a two per cent discount from Friday's close.</div><div> </div><div>At the floor price, the 10 per cent stake sale in the company will bring in Rs 9,396 crore ($1.4 billion) for the government.</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 per cent of gross domestic product in 2015/16.<br> </div><div>The government owns 68.6 per cent of IOC, whose stock hit a record high in July and has outperformed the broader market this year as the refiner benefits from cheaper global crude prices.</div><div> </div><div>It will sell about 242.8 million shares in Indian oil in Monday's auction. Individual investors can buy the stock at a 5 per cent discount to the final bid price, the government said in a regulatory filing.</div><div> </div><div>The government has missed its divestment target for the last five years in a row.</div><div> </div><div>Last month, the government raised about $260 million from the sale of a 5 per cent stake in Power Finance Corp Ltd, after the auction received bids for more than twice the number of shares on offer.</div><div> </div><div>Citigroup, Deutsche Bank, Nomura and Indian investment banks JM Financial and Kotak Securities are the managers of the Indian Oil share sale.<br><br>(Reuters)</div><p style="margin: 0px 0px 18px; padding: 0px; line-height: 18px; color: rgb(80, 80, 80); font-family: Arial, Helvetica, sans-serif; font-size: 12px; background-color: rgb(255, 255, 255);"> </p><p style="margin: 0px 0px 18px; padding: 0px; line-height: 18px; color: rgb(80, 80, 80); font-family: Arial, Helvetica, sans-serif; font-size: 12px; background-color: rgb(255, 255, 255);"> </p>
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