ONGC OFS: Institutional buyers portion over-subscribed, put in bids worth Rs 4,854 cr

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).