Final demand for ONGC share sale at 42.04 crore: Exchanges

Late in the evening, after the government cleared air about the ONGC share slae, BSE and NSE issued a joint statement, statement saying that the final demand stood at 42.04 crore.

The ONGC offer for sale was completed today using the secondary market mechanism created by NSE and BSE. The final demand was for 42.04 crore shares against an offer of 42.77 crore shares.

While the buy orders at both Exchanges reflected a demand of 29.22 crore shares around the market close, there were certain buy orders which were not immediately confirmed or were erroneously rejected by custodians due to a mismatch at the custodian end, even though, the orders were funded.

These orders were not reflected in the demand of 29.22 crore shares as specified above. After rectification of these errors, the final demand was for 42.04 crore shares as stated above. Monies and orders received after normal market close have not been considered by the Exchanges in the offer for sale.

The exchange systems operated normally and smoothly and there were no glitches.

Meanwhile, the Finance Minister has said that 98.3% of ONGC auction is subscribed. Rs 12766 crore realised by govt via ONGC share auction.