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NEW DELHI: The federal government will this week promote as much as 1.5 per cent of its stake within the nation’s high oil and gasoline producer ONGC to boost about Rs 3,000 crore.
The Provide For Sale (OFS) by the federal government shall be open on March 30 and 31, Oil and Pure Gasoline Company (ONGC) mentioned in a inventory change submitting on Tuesday.
“The promoter (the federal government) proposes to promote as much as 94,352,094 fairness shares of the corporate, (representing 0.75 per cent of the full paid-up fairness share capital of the corporate) on March 30, 2022 (to non-retail buyers) and on March 31, 2022 (to retail buyers) with an choice to moreover promote 94,352,094 fairness 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 federal government owns a 60.41 per cent stake in ONGC which produces half of India’s oil and gasoline.
Within the OFS, a minimal of 25 per cent of the shares are reserved for mutual funds and insurance coverage firms whereas 10 per cent earmarked for retail buyers.
Retail buyers are outlined as a person investor who bids for no more than 2 lakh shares.
ONGC staff 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 offered within the OFS can be provided to eligible staff on the cut-off value.
The Provide For Sale (OFS) by the federal government shall be open on March 30 and 31, Oil and Pure Gasoline Company (ONGC) mentioned in a inventory change submitting on Tuesday.
“The promoter (the federal government) proposes to promote as much as 94,352,094 fairness shares of the corporate, (representing 0.75 per cent of the full paid-up fairness share capital of the corporate) on March 30, 2022 (to non-retail buyers) and on March 31, 2022 (to retail buyers) with an choice to moreover promote 94,352,094 fairness 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 federal government owns a 60.41 per cent stake in ONGC which produces half of India’s oil and gasoline.
Within the OFS, a minimal of 25 per cent of the shares are reserved for mutual funds and insurance coverage firms whereas 10 per cent earmarked for retail buyers.
Retail buyers are outlined as a person investor who bids for no more than 2 lakh shares.
ONGC staff 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 offered within the OFS can be provided to eligible staff on the cut-off value.
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