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.

Threads
ONGC | Involved


Bachelor reporter |
Mumbai

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.


Dear Reader,

Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.

Support quality press and Subscribe to Business Standard.

digital publisher

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

Leave a Reply

Your email address will not be published. Required fields are marked *