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    Govt puts ONGC FPO on hold

    The government has decided to put follow-on public offer of ONGC on hold. Government in a notice sent to ONGC said selling shareholders have decided not to proceeds with issue. "We shall evaluate decision on issue in due course," according to notice.

    September 16, 2011 / 11:47 IST

    The government has decided to put follow-on public offer (FPO) of Oil and Natural Gas Corporation (ONGC) on hold, reports CNBC-TV18.

    ONGC, in a notice sent to the exchange, said the selling shareholder has decided not to proceeds with issue. "We shall evaluate decision on issue in due course," the notice stated.

    The FPO has been deferred for a short period, not put off indefinitely, clarified economic affairs secretary R Gopalan.

    Gopalan is also confident of meeting FY12 divestment target of Rs 40,000 crore. However, he added, "We can't go ahead with divestment in volatile market. We don't want to sell PSU stocks recklessly."

    first published: Sep 16, 2011 09:44 am

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