ONGC FPO likely to open around March 15: Sources

State-run Oil & Natural Gas Corporation's (ONGC) follow-on public offer (FPO) is likely to open around March 15, reports CNBC-TV18 quoting sources.

It is learnt that beauty parade for the company's FPO has kicked off and is likely to appoint six bankers for the issue. Bankers for FPO are expected to be finalised on January 16, say sources. Ahead of FPO, the board of directors of the company approved a special interim dividend of Rs 32 of Rs 10 each fully paid up for the financial year 2010-11 on December 16. ONGC will split equity shares into two equity shares of Rs 5 each fully paid up and will issue bonus shares in the proportion of one new equity bonus share of Rs 5 each for every one existing equity share of Rs 5 each fully paid up. It is a part of Rs 40,000 crore divestment programme set by the government for financial year 2010-11.