The authorities will this week promote as much as 1.5 per cent of its stake within the nation’s prime oil and gasoline producer ONGC to boost about Rs 3,000 crore.
The Offer For Sale (OFS) by the federal government shall be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) mentioned in a inventory trade submitting on Tuesday.
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“The promoter (the government) proposes to sell up to 94,352,094 equity shares of the company, (representing 0.75 per cent of the total paid-up equity share capital of the company) on March 30, 2022 (to non-retail investors) and on March 31, 2022 (to retail investors) with an option to additionally sell 94,352,094 equity shares (in case of oversubscription),” it mentioned.
The ground value for the OFS has been set at Rs 159 per share. This value is at a 7 per cent low cost to the Rs 171.05 inventory closing value of ONGC on the BSE on Tuesday.
The authorities owns a 60.41 per cent stake in ONGC which produces half of India’s oil and gasoline.
In the OFS, a minimal of 25 per cent of the shares are reserved for mutual funds and insurance coverage corporations whereas 10 per cent earmarked for retail traders.
Retail traders are outlined as a person investor who bids for no more than 2 lakh shares.
ONGC workers can apply for fairness shares value as much as Rs 5 lakh every, the submitting mentioned, including that 0.075 per cent of fairness shares bought within the OFS could be provided to eligible workers on the cut-off value.
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With inputs from TheIndianEXPRESS
