The Govt Has Delayed The Follow-on Public Offer Of Staterun ONGC

The Govt Has Delayed The Follow-on Public Offer Of Staterun ONGCThe govt has delayed the follow-on public offer of staterun ONGC (Oil & Natural Gas Corporation) to next financial, The ipo issue may available for subscription on April 5.

The Indian govt, that has 74.14percent of Oil & Natural Gas Corporation , intends to sell 5percent in the offer as part of broader propose to sell stakes in about 60 staterun companies above the next several yrs to reduce its financial shortage as well as garner money for the poor.

As noted earlier, retail traders are likely to obtain a discount of 5percent. The govt planned to divest 5percent of its share in ONGC that would decrease its share in the firm to 69.14percent. The govt is hoping to mop up Rs 10,800 cr by way of the follow-on public offer .

Oil & Natural Gas Corporation issue cash will be a portion of the divestment target of Rs 40,000 cr for fiscal yr 2012. “The proceeds of 2 of the biggest follow-on public offer-SAIL and ONGC-is going to be accounted for within the next fiscal,” Divestment secretary Sumit Bose mentioned in an interview with CNBC-TV18.

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