Govt Asked Applications From Merchant-Bankers For ONGC FPO

Govt Asked Applications From Merchant-Bankers For ONGC FPOThe Govt has asked applications from well-known merchant-bankers, either singly or as a consortium, to behave as book-running lead manager s and also to help as well as guide the Government in the planned divestment of ONGCĀ  stocks.

The Government plans to divest 5percent paid up equity stock of Oil and Natural Gas Corporation out of its shareholding of 74.14percent via a additional public offering in the domestic-market.

At its present rates, the divestment can bring the Govt around Rs 13,500 cr . The FPO is anticipated to hit the market in March.

Based on official sources, the Govt plan to employ 6 merchant bankers. The interested merchant bankers be required to submit their suggestions by January 14, the official mentioned,

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