ONGC Offer For Sale: Institutional Buyers Portion Oversubscribed, Gets Bids Worth Rs 4,854 Crore
NDTV
The government's 1.5 per cent stake sale in ONGC had a smooth start on Wednesday, with institutional buyers putting in bids worth Rs 4,854 crore and over-subscribing the portion reserved for them.
The government's 1.5 per cent stake sale in ONGC had a smooth start on Wednesday, with institutional buyers putting in bids worth Rs 4,854 crore and oversubscribing the portion reserved for them.
The Centre 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 a share to raise about Rs 3,000 crore through an offer for sale (OFS).
Institutional investors over-subscribed their portion by 3.57 times by putting in bids for over 30.35 crore shares. Over 8.49 crore shares were reserved for them.
At the indicative price of Rs 159.91 a share, the bids by institutional investors are worth Rs 4,854 crore.
