The government will sell its remaining 26 per cent stake in IBP Co Ltd through a public offer this fiscal besides offloading 10 per cent equity in Oil and Natural Gas Corporation and Gail (India) Ltd to raise Rs 15,000 crore (Rs 150 billion).

"The government would be offering 10 per cent stake in ONGC and GAIL each, and 26 per cent in IBP to the public in the next two months," Petroleum Minister Ram Naik said at the inauguration of the 5th oil and gas conference in New Delhi.

The stake sale, he said, will improve the liquidity in these stocks.

"The government expects to raise around Rs 15,000 crore ($3.2 billion) from the stake sale in these companies," he said.

Though Naik did not elaborate on the proposed public offers, senior officials said the draft prospectus for sale of 57.58 lakh (5.76 million) shares in IBP will be filed this month and the public issue may open next month.

State refiner Indian Oil Corporation had two years ago bought the government's 33.6 per cent equity shares in IBP to take control of the petro retailer, which has 5 per cent market share of the $17 billion a year oil retailing market.

The mega public issues for sale of government's 10 per cent equity in gas transmission monopoly Gail (India) Ltd and country's largest exploration firm ONGC will hit the market on February 23 and March 2 respectively, the officials said.

The draft prospectus for the issue of 84 million equity shares of Gail will be filed with the Securities and Exchange Board of India by January 23 and roadshows for the public offer will be held at major financial capitals around the world in the middle of next month, sources in the government said in New Delhi.

Gail public issue, through the book-building route, will be open for bidding for five days upto February 27.

For ONGC, the government is likely to offer shares in lots of 10 against the normal practice of 100 shares and multiples thereof, so as to attract small and retail investors.

The public issue of 14.2 crore (142 million) shares of ONGC will hit the market on March 2 and will be open for bidding under the book building route for seven working days, they said.

A draft prospectus for the public issue will be filed with Sebi before the month end and roadshows will be held at London, Singapore, Hong Kong, Dubai and a couple of places in the United States in the last week of February.

Simultaneous roadshows will also be organised in India.