Stocks of ONGC decreased more than 5 per cent, hitting the monthly low of Rs 260.50

Stocks of   ONGC decreased more than 5 per cent, hitting the monthly low of Rs 260.50, on reports that the firm’s board authorized documents for a planned stock sale through follow-on-offer ( FPO).
The state- owned firm is waiting for authorization from Department of Disinvestment to file the sale documents with the market_ regulator the SEBI, a press report shows quoting A K Hazarika, chairman, ONGC.

The govt proposes to divest 5 per cent of its share in the firm that would reduce its share in the firm to 69.14 per cent. The govt anticipates to mop up Rs 10,800 cr via the FPO, anticipated to reach the market in 2nd half of September. The road shows are possibly to begin from next week.

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