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    HomeNewsBusinessIPOONGC share sale likely in early July: Official

    ONGC share sale likely in early July: Official

    A share sale in state-run explorer Oil & Natural Gas Corp is likely in early July, a senior government official said on Monday.

    May 09, 2011 / 21:13 IST

    A share sale in state-run explorer Oil & Natural Gas Corp (ONGC) is likely in early July, a senior government official said on Monday.

    "We have cabinet approval for four public issues. SAIL will be next month, then we'll have ONGC in early July," Divestment Secretary Sumit Bose told reporters.

    The ONGC share sale, expected to raise up to USD 2.8 billion, is part of a wider plan by the government to sell stakes in about 60 state-run firms over the next few years to cut its fiscal deficit and garner funds for social welfare programmes.

    first published: May 9, 2011 03:16 pm

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