Institutional Buyers Share Over -Subscribed, Received Bids Worth Rs 4,854 Crore

The ONGC offer for sale (OFS) will be open to retail investors on Thursday.

New Delhi:

The sale of the government’s 1.5 per cent stake in ONGC started smoothly on Wednesday, with institutional buyers placing bids worth Rs 4,854 crore and oversubscribing the portion reserved for them.

The center sold up to 1.5 per cent of its stake in the country’s leading oil and gas producer ONGC at a floor price of Rs 159 per share to raise about Rs 3,000 crore through an offer for sale (OFS).

Institutional investors oversubscribed their shares 3.57 times by placing in bids for over 30.35 crore shares. Over 8.49 crore shares are reserved for them.

At an indicative price of Rs 159.91 per share, bids by institutional investors were worth Rs 4,854 crore.

Offers for the sale will be open to retail investors on Thursday.

The government sold over 9.43 crore shares in ONGC with a green shoe option to sell the same number of shares. The total holding on the offer is up to 1.5 percent.

ONGC shares closed at Rs 162.25, down 5.14 per cent from the previous close on the BSE.

So far in the current fiscal, the government has disbursed Rs 12,423.67 crore through OFS, employee OFS, strategic disposals and repurchases. The disposal target for fiscal is Rs 78,000 crore.


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