ONGC board approves follow-on share sale offer

Posted By: Religare
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ONGC board approves follow-on share sale offer
The country's oil explorer, Oil and Natural Gas Corp's (ONGC) will file papers with the market regulator for a follow-on share sale plan soon after it receives the government's approval. The plan was scheduled to be launched in July 2011.

However, the board of the oil explorer has already granted permission for the same.

ONGC Chairman, AK Hazarika said that the offer date is the job of the Department of Disinvestment and they are waiting for the communication.

This follow-on share sale plan is likely to raise about $2.8 billion but, has been kept on hold as a result of the surging crude oil prices.

Moreover, the increased subsidy burden also kept ONGC from the market.

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

It is a Fortune Global 500 company ranked 413, and contributes 77% of India's crude oil production and 81% of India's natural gas production.

Read more about: ongc, oil and gas, bse, nse
Story first published: Wednesday, June 29, 2011, 13:31 [IST]
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