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Last Updated : Aug 20, 2018 12:00 PM IST | Source: Moneycontrol.com

ONGC shares rise 4% on reports of proposal for ONGC Videsh IPO

Finance ministry has written to oil ministry w.r.t ONGC Videsh IPO, saying the listing of ONGC Videsh will add value to ONGC, sources said.

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Oil & Natural Gas Corporation share price rallied 4 percent intraday Monday after reports of likely proposal for IPO of company's foreign subsidiary.

Sources told CNBC-TV18 that the government proposed an initial public offering for ONGC Videsh.

Finance ministry has written to oil ministry w.r.t ONGC Videsh IPO, saying the listing of ONGC Videsh will add value to ONGC, sources said.

ONGC Videsh, the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation, is a Miniratna Schedule 'A' Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas

The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. ONGC Videsh owns participating interests in 38 oil and gas assets in 17 countries and produced about 23.4 percent of oil and 18.9 percent of India’s domestic oil and natural gas production respectively in FY17.

At 11:20 hours IST, the stock price was quoting at Rs 168.20, up Rs 5.10, or 3.13 percent on the BSE.
First Published on Aug 20, 2018 11:33 am
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