Govt to sell up to 1.5% in ONGC to raise Rs 3,000 crore

The Offer For Sale (OFS) by the government will be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said in a stock exchange filing on Tuesday.

“The promoter (the government) proposes to sell up to 94,352,094 equity shares of the company, (representing 0.75 per cent of the total paid-up equity share capital of the company) on March 30, 2022 (to non-retail investors) and on March 31, 2022 (to retail investors) with an option to additionally sell 94,352,094 equity shares (in case of over-subscription),” it said.

The floor price for the OFS has been set at Rs 159 per share. This price is at a 7 per cent discount to the Rs 171.05 stock closing price of ONGC on the BSE on Tuesday.

The government owns a 60.41 per cent stake in ONGC which produces half of India’s oil and gas.