Indian Oil Corp is likely to sell shares at 450 rupees each — well above current market levels — the state-run company's chairman BM Bansal said on Wednesday, spurring its quoted shares sharply higher.  

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Bansal added that the share sale was likely to happen in the third or fourth week of January.                                           

IOC's stock had climbed over 11% by 08:05 GMT, sharply outpacing the overall index.