The public authority will sell 1.5 percent stake in Oil and Natural Gas Corporation through a proposal available to be purchased (OFS) on Wednesday, a move that is supposed to support the middle’s divestment receipts by over Rs 3,000 crore from the deal.
The proposal available to be purchased for 1.5 percent value stake deal in ONGC, including a greenshoe choice, opens Wednesday, and retail financial backers can put their offers on Thursday, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said.
The public authority’s proposal to sell 94.3 million offers or 0.75 percent stake in the public area oil and gas organization would open for non-retail financial backers on Wednesday. The proposal to sell an extra 94.3 million or 0.75 percent would open for retail financial backers on Thursday. The floor cost for the deal has been set at Rs 159, at around 7% markdown to the stock’s end cost of Rs 171 on Tuesday.
Value shares addressing 0.075 percent value in the organization has been saved for qualified workers of the PSU. ONGC workers can apply for value shares worth up to Rs 5 lakh each
The deal would cut down the middle’s shareholding in ONGC to 58.91 percent from 60.41 percent as of now.
Institutional or non-retail financial backers will get a choice to convey forward their unallocated offers to the following day for distribution from the withdrew segment for retail financial backers. The issue will open for retail investors on March 31.
At least 25% of the offers are saved for common assets and insurance agency while 10% held for retail financial backers.
The deal could be the public authority’s last endeavor to support divestment receipts for the monetary year finishing March 31. The middle will miss its amended divestment focus of Rs 78,000 crore for FY22 as vulnerabilities because of the Russia-Ukraine war has delayed the first sale of stock of Life Insurance Corporation of India. The middle has up to this point gathered Rs 12,424 crore in divestment receipts this year.
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