The government will today disinvest 10 per cent of its stake in Oil India Limited through offer for sale route. This is likely to fetch the government upto 3000 crore rupees.

It has fixed the floor or minimum price at 510 rupees per share, which is 5.41 per cent less than its current market rate.

The decision to sell 10 per cent equity in Oil India was taken by the Empowered Group of Ministers headed by Finance Minister P Chidambaram on Wednesday.

The company's paid up capital was 601 crore rupees as on March 2012. The government holds 78.43 per cent stake in Oil India which will come down to 68.43 per cent after the disinvestment.