ONGC could launch planned FPO in July

State-run explorer Oil & Natural Gas Corp may launch a follow-on public offer in the second week of July, its chairman said on Monday, providing a tentative timeline for an issue originally planned for the prior fiscal year.

The government had said it planned to raise up to USD 2.8 billion in the ONGC share sale as part of a plan to sell stakes in 60 firms over the next few years to cut its fiscal deficit and garner funds for social welfare programmes. Earlier on Monday, ONGC reported a 26% fall in quarterly profit, as an increase in its share of oil subsidy burdens offset the gains from higher crude oil and gas prices. (USD 1 = Rs 45.18)