ONGC may file share-sale draft prospectus by July 5

ONGC may file share-sale draft prospectus by July 5
Oil and Natural Gas Corp announced that by July 5, 2011, it might file a draft prospectus for a follow-on share sale with the market regulator which is likely to gather up to $2.8 billion.

The offer was deferred from quite sometime due to the surging prices of crude oil and a higher subsidy burden.

Oil and Natural Gas Corporation Limited is an oil and gas company headquartered at Dehradun, India.

The oil giant contributes 77% of the country's crude oil production and 81% of the country's natural gas production.

ONGC is Asia's largest and most active company involved in exploration and production of oil.

It is involved in exploring for and exploiting hydrocarbons in 26 sedimentary basins of India. It produces about 30% of India's crude oil requirement. It owns and operates more than 11,000 kilometres of pipelines in India.

Read more about: ongc, fpo, investment, oil and gas
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