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EGoM may meet on Sept 16 to finalise ONGC FPO price band
The state-run oil and gas explorer ONGC is right on track to launch the follow-on-public (FPO) on September 20, 2011. The empowered group of ministers (EGoM) may meet tomorrow to decide the price band for Rs 10,500-crore FPO offer.
The state-run oil and gas explorer ONGC is right on track to launch the follow-on-public (FPO) on September 20, 2011. The empowered group of ministers (EGoM) may meet tomorrow to decide the price band for Rs 10,500-crore FPO offer.
Government will offer 42, 77, 74,504 shares (dilution of 5% post issue) through this FPO, which will close on September 23. All proceeds of the offer will go to the Government of India. After the FPO, the Centre's stake in the company will be reduced to 69%.
Sources informed CNBC-TV18 that ONGC was keen on deciding the price band by weekend. Despite any clarity on the subsidy sharing formula for this fiscal, the company received a good response at its road-shows.
