ONGC OFS subscribed 1.6 times; will be open to retail investors on Thursday

Unsubscribed shares in retail category, if any, will be allotted to non-retail investors

Oil and Natural Gas Corporation’s (ONGC’s) offer for sale (OFS) garnered 303 million bids from investors--1.6 times of 188.7 million shares put on the block by the government. The share sale will add over Rs 3,000 crore to the government’s disinvestment kitty. 

Most of the bids in the OFS came around Rs 160 per share, slightly above the base price of Rs 159 set by the government. 

Shares of ONGC fell over 5 per cent to finish at Rs 162.25 on the BSE. The stock, which hit a 52-week high of Rs 194.60 on March 8 led by the rally