Subscription to the retail division of ONGC OFS by 72%

Through OFS, the government divested 1.5 per cent of its stake in ONGC to raise Rs 3,000 crore.

ONGC | Involved

Bachelor reporter |

The retail portion of the Oil and Natural Gas Company (ONGC) Offer for Sale (OFS) received only 72 percent of the subscription.

About 5.3 million shares reserved for small investors have been cancelled.

The company will allocate these shares to non-individual investors, as the Office of Financial Oversight Services has received excess bids. Through OFS, the government divested 1.5 per cent of its stake in ONGC to raise Rs 3,000 crore.

Most of the bids are coming from retail investors at Rs 160 per share. ONGC shares recently closed at Rs 164.

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First published: Thursday, March 31, 2022. 16:23 IST

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