ONGC from the oil & gas space is holding on to gains on hopes that the much-awaited FPO will hit markets soon. The much-delayed 11,000 crore share sale is likely to be launched on September 20, with the state-run explorer filing papers for the public issue with market regulator, the Securities and Exchange Board of India yesterday.
The stock gained to a high of Rs 262 and is now up 1.3% at Rs 260. In the process, the stock has recovered 122% from its 52-week low of Rs 227 which it touched in mid July this year. Around 1.9 lakh shares have been traded on the BSE so far.
The government will offer up to 426.77 million shares in state-run explorer Oil and Natural Gas Corp (ONGC) in a deal valued at about Rs 11,000 crore ($2.4 billion) at current market prices. According to Reuters report, the transaction is expected to be priced on September 27.
