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Speaking to CNBC-TV18, RS Sharma, former chairman of ONGC says that the auction route is a disappointment for retail investors. “However, the government will get money in faster through auction than FPO or other modes,” he says.
After sources told CNBC-TV18 just yesterday that the FPO could possibly be underway soon, the channel has now learnt that the ONGC FPO may yet again be delayed.
As the government grapples with a huge revenue gap, there seems to be some action on the disinvestment front. On one hand where CNBC-TV18 sources inform that the much delayed ONGC FPO might see the light of the day soon, the Divestment Secretary Haleem Khan said that the PSU steel major SAIL does not intend to raise any fresh equity via an FPO.
State-owned Oil and Natural Gas Corp (ONGC) today said it is ready for the Rs 11,500 crore share sale but the call on timing will have to be taken by the government.
The market was pretty dull this week, looking forward to RBI's monetary policy to pave its course. However, poor IIP numbers, inflation data and the steep depreciation in the rupee largely affected its performance.
The government has yet again postponed the ONGC FPO, which was supposed to open on the 20th of this month. Certain reports suggest that the government took this decision due to price mismatch. SP Tulsian of sptulsian.com believes that this move on part of the government was illogical and immature.
Sunil Singhania, head of equities at Reliance Mutual Fund feels the market will take comfort in any kind of indication of a pause by the Reserve Bank.
The much awaited ONGC FPO has come across another stumbling block. Reports suggest that the FPO has been pushed back by 15 days due to price mismatch. RS Sharma, Former Chairman of ONGC told exclusively to CNBC-TV18 that a formal meeting will be held today to decide whether to proceed with the offer.
Soumyo Dutta, managing director and head FXLM trading and risk treasury at Citibank believes that the quick retracement from 48 levels that was seen on Wednesday was due to RBI intervention.
RS Sharma, former chairman of ONGC, said that the company needs more clarity on the subsidy sharing issue and the offer pricing can be better if government gives clarity on the same.
Sanju Verma, managing director and chief executing officer of Violet Arch Capital Advisors, said that risk aversion will continue in the market as the macro environment continues to be weak. She likes ONGC despite crude and subsidy issues
There are a lot of talks around where the ONGC FPO may be priced at. CNBC-TV18’s managing editor Udayan Mukherjee’s sense is if he were in the government’s shoes, in the next couple of days, he would come out with a firm subsidy sharing plan
State-owned Oil and Natural Gas Corp (ONGC) will file papers for its much-delayed Rs 12,000 crore share sale with market regulator SEBI today.
The government has appointed three independent directors, including former RBI Deputy Governor Ms Usha Thorat, on the board of Oil and Natural Gas Corp (ONGC), paving the way for sale of shares (FPO) in the state-owned firm.
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 issue of independent directors required on the board of oil major ONGC is likely to be resolved soon and the Government plans to offload stake in the company, along with PFC and SAIL, in this quarter itself.
A share sale in explorer Oil & Natural Gas Corp may be deferred to the second half of 2011 as the state-run firm reconstitutes its board of directors to meet regulatory needs, the Press Trust of India said.
The government has postponed the follow-on public offer of state-run Oil & Natural Gas Corporation (ONGC) to next fiscal, reports CNBC-TV18 quoting PTI.
State-run ONGC is likely to file its draft red herring prospectus (DRHP) for its follow-on offer next week, said sources in the finance ministry.
State-run Oil & Natural Gas Corporation (ONGC) may file draft red herring prospectus for its follow-on public offer (FPO) with the SEBI this week.
All eyes are set on February 28, when the Finance Minister will announce the budget for 2011. Most experts are not pinning high hopes on it and think that it is unlikely to trigger any positive trend in the market. A positive budget, however, may fetch in some foreign institutional investors (FII).
Retail investors looking to invest in ONGC follow-on public offer (FPO) can look forward to a discount of 5%.
The fluctuating markets may further delay the launch of state-run SAIL's follow-on public offer. The issue, which was scheduled to release this March, may now be launched only in the first week of April, reports CNBC TV18's Aakansha Sethi quoting sources.
ONGC will file a red herring prospectus (RHP) for its follow-on public offer (FPO) by February 20. A decision to this effect was taken on Monday at a FPO kick-off meeting held by the Disinvestment Department in the Finance Ministry.
The Petroleum Ministry on Friday said there will be no delay in the ONGC follow-on public offer, and that it will come out this fiscal.
