ONGC FPO likely in early July

Oil & Natural Gas Corporation (ONGC) is likely to come out with its follow-on public offer in early July, reports CNBC-TV18 quoting sources in the finance ministry.

Sources also say that government is likely to raise about Rs 12,000 crore by diluting 5% stake in the company through the offer. As on March 31, 2011, government holds 74.14% stake in ONGC. At 12:40 hours IST, the share was trading at Rs 301.80, down 0.84%, with volumes of 187,639 shares. Market capitalisation stands at Rs 258,204.69 crore.
 
Power Finance Corporation's FPO is set to open for subscription on May 10 while follow-on offer of SAIL is expected in early June.