ONGC to launch $2.5 bn offer Sept 20: Sources
State-run explorer Oil and Natural Gas Corp's follow-on share sale, valued at around USD 2.5 billion and delayed by more than six months, is likely to be launched on Sept 20 and will close on Sept 23, sources said on Monday.
September 05, 2011 / 13:08 IST
State-run explorer Oil and Natural Gas Corp's follow-on share sale, valued at around USD 2.5 billion and delayed by more than six months, is likely to be launched on Sept 20 and will close on Sept 23, sources said on Monday.
The sale of a 5% stake by the government is part of a broader proposal to raise about USD 9 billion through share sales in public sector firms this fiscal year, to help plug the federal government's fiscal gap and generate funds for schemes for the poor. ONGC is likely to file the prospectus for the public offer with the markets regulator later on Monday, the sources said, declining to be identified as the matter was not public yet. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
