The public offering of 10 per cent government equity in Oil and Natural Gas Corporation (ONGC) will hit the market by early March. |
The draft prospectus was expected to be filed with the Securities and Exchange Board of India (Sebi) by January-end, ONGC Chairman and Managing Director Subir Raha told the media on the sidelines of an oil and gas conference here today. |
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He said ONGC expected to get Sebi's approval by the second week of February. Following this, roadshows will be held both in India and abroad. |
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In India, the roadshows will be held in all the state capitals, including Guwahati and Kohima. Singapore, Hong Kong, London, New York, Boston, Los Angeles and Dubai will also host the roadshows. |
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Raha said the price band for the book-building issue would be determined after the roadshows, while the final offer price and allotment would be settled by the government in the second week of March. |
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He said the shares would be offered in lots of 5 or 10. There would not be any stock split, he asserted. |
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The government holds around 84 per cent stake in ONGC, while the remaining is shared by other oil PSUs under a cross-holding deal signed in 1999. |
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Raha also said the corporation would offer 18 marginal fields to the private sector for development. These fields have 8 million tonnes of oil reserves and 16 billion cubic metres of gas. |
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