India sets ONGC auction date

Auction: the Indian government has confirmed it will auction 427.77 million shares of ONGC on Indian stock markets on Thursday

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Nishant Ugal

 29 February 2012 04:51 GMT

The Indian government is moving ahead with the much-awaited disinvestment of a stake in state-owned Oil & Natural Gas Corporation (ONGC) and plans to raise more than $2.4 billion, through an auction on Indian stock marketson Thursday.

The government will offload a 5% stake in ONGC, which will subsequently bring down its equity to about 69% in India’s largest public sector player.

A floor price of 290 Indian rupees per share has been fixed for the auction process. This floor price represents a more than 2% premium on the existing market share price of ONGC.

A total of 427.77 million shares of ONGC will be auctioned through this route.

As an additional feature, the Indian government also reserves the right to accept any subscription above floor price and can accept subscription…

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