The government is selling up to 1.5 per cent of its stake in the country’s top oil and gas producer ONGC to raise about Rs 3,000 crore. The “Offer for Sale” (OFS) of the government’s equity has so far been subscribed 3.57 times the base size by institutional buyers. Retail investors are bidding on Thursday.
ONGC SHARE PRICE
ONGC’s share price on BSE was up by 1.02 per cent to Rs 163.90 and on NSE by 1.05 per cent at Rs 163.70.
ONGC share price on BSE can be checked at https://www.bseindia.com/stock-share-price/oil-and-natural-gas-corporation-ltd/ongc/500312/
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ONGC share price on NSE can be tracked at https://www.nseindia.com/get-quotes/equity?symbol=ONGC
ONGC OFS PRICE, DETAILS
- The government owns a 60.41 per cent stake in ONGC which produces half of India’s oil and gas.
- In the OFS, a minimum of 25 per cent of the shares are reserved for mutual funds and insurance companies while 10 per cent earmarked for retail investors.
- Retail investors are defined as an individual investor who bids for not more than 2 lakh shares.
- ONGC employees can apply for equity shares worth up to Rs 5 lakh each, the filing said, adding that 0.075 per cent of equity shares sold in the OFS would be offered to eligible employees at the cut-off price.
- The OFS opened for retail investors on Thursday. As many 94.35 lakh shares (1.88 crores with greenshoe option) are reserved for retail investors.
- The government’s sale of 1.5 per cent stake in ONGC on Wednesday saw institutional buyers putting in bids worth Rs 4,854 crore — three and half times their quota.
- The government is selling 9.43 crore equity shares in India’s top oil and gas producer at a floor price of Rs 159 apiece, with an option to retain an equivalent amount of over-subscription.
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted that the OFS of government equity in ONGC has received an “enthusiastic response” from the non-retail investors.
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“The issue was subscribed 3.57 times the base size. The government has decided to exercise the green-shoe option,” Pandey tweeted.
