Cases & Deals

Citigroup Global Markets, Deutsche Equities India, and others complete $1.4 billion Offer for Sale of Indian Oil Corporation shares by Government of India

Clients Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, Nomura Financial Advisory & Securities (India) Private Limited, JM Financial Institutional Securities Limited, and Kotak Securities Limited

Jones Day advised Citigroup Global Markets India Private Limited, Deutsche Equities India Private Limited, Nomura Financial Advisory & Securities (India) Private Limited, JM Financial Institutional Securities Limited, and Kotak Securities Limited in connection with the $1.4 billion (INR 93.65 billion) Offer for Sale (OFS) of Equity Shares of Indian Oil Corporation Limited, India's largest commercial enterprise, by the President of India, acting through the Ministry of Petroleum and Natural Gas, Government of India.

The transaction, through which the Government of India divested 10% of its equity stake in Indian Oil Corporation Limited, India's largest fuel supplier, was the fourth largest OFS transaction for an Indian Company to date.

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