ONGC's (Oil and Natural Gas Corporation) follow-on-offer (FPO) may open on September 20 or 27.
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The Red herring prospectus (RHP) for the FPO could be filed on September 5. The Government is offloading five percent of its stake in ONGC and plans to raise Rs.12, 000 crore through the issue.
With the FPO, the government's stake in the company will come down to 69.14 percent from the current 74.14 percent.
The road show for the issue is likely to start from September 6 from New York.
ONGC chairman and Managing director Mr. A.K.Haziraka said " our board approved the RHP on August 29, which will be filed as per the instructions of the government. We are ready to file in 24 hours time. "
" Keeping the strong fundamentals of ONGC in view, we are confident that the response from the investors will be overwhelming" He added.
The FPO was originally planned in the 2010-11 fiscal, but was deferred as the company did not have an adequate number of independent directors on its board to meet SEBI's listing norms. Further it delayed due to adverse market conditions.
In January, Citigroup, Nomura Holdings, Bank of America Corp, HSBC Holdings, JM Financial services and Morgan Stanley were appointed to manage ONGC's share sale.
Regards Hari " लोका समस्ता सुखिनो भवन्तु "
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