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ONGC Issue Subscribed By Rs. 12, 500 cr?

The government bought many stakes of ONGC through auction, but they are over-rated, which costs about Rs. 12, 500 crore. They further added that the auction route may be preferred for the future disinvestments.

ONGC Logo Oil & Natural Gas Corporation
ONGC – Oil & Natural Gas Corporation

ONGC’ share on BSE and NSE closed at Rs 293.35 and Rs 293.20 respectively, up 3.46 per cent from previous closing. CNI Research Head Kishore Ostwal said, “The issue would be over-subscribed. The share sell processes are expected to get huge interest from investors, but may not attract retail investors as there is no discount.”

Running against time to meet its Rs 40,000 crore disinvestment target for this fiscal year, the EGoM headed by Finance Minister Pranab Mukherjee yesterday decided to sell Centre’s stake in ONGC through auction and set the floor price higher than the Tuesday close on stock exchanges.

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