ONGC share sale fully subscribed, govt to get Rs 3,000 crore next fiscal
NEW DELHI: The government’s 1.5 per cent stake sale in ONGC got fully subscribed, ensuring Rs 3,000 crore to the exchequer that is to be accounted for in the next fiscal. 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 per share.
The Offer-For-Sale (OFS), which opened for retail investors on Thursday, received bids for over 1.33 crore shares. This represents 71 per cent of the total issue size of over 1.88 crore shares.
The unsubscribed portion of retail investors will be allotted to institutional buyers, who on Wednesday put in bids worth Rs 4,854 crore, which is three-and-half times their quota.
Institutional investors had put in bids for over 30.35 crore shares at an indicative price of Rs 159.91 per share, as against over 8.49 crore shares reserved for them.
