The government plans to sell 5% of its 74.14% stake in ONGC through a follow-on public offer (FPO) as part of its plan to raise Rs 40,000 crore through sale of shares. Turmoil in global markets saw the offer postponed twice this year already. The FPO opens on September 20, 2011 and will close on September 23. All proceeds of the offer will go to the Government of India.
There are a lot of talks around where the ONGC FPO may be priced at. CNBC-TV18
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!