The government’s 1.5 per cent stake sale in ONGC witnessed a smooth start on Wednesday, with institutional buyers putting in bids worth Rs 4,854 crore and over-subscribing the portion reserved for them.
The government is selling up to 1.5 per cent of its stake in the country’s top oil and gas producer ONGC at a floor price of Rs 159 a share to raise about Rs 3,000 crore through a two-day offer for sale (OFS).
Institutional investors over-subscribed their portion by 3.57 times by putting in bids for over 30.35 crore shares. Over 8.49 crore shares were reserved for them.
At the indicative price of Rs 159.91 a share, the bids by institutional investors are worth Rs 4,854 crore.
