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Allotment ratio of GAIL, ONGC shares after bids: Shourie
Our Bureau
New Delhi
,
Jan. 8
THE Government will decide the ratio of allocation of shares to retail investors and institutions after the bids come in for the sale of 10 per cent equity each in Oil and Natural Gas Corporation (ONGC) and GAIL.
``Both GAIL and ONGC issues will be big ones and we will have to see the response to them before we decide on the ratio of allocation of shares to retail investors and institutions. This question will come later,'' the Disinvestment Minister, Mr Arun Shourie, told newspersons here.
He, however, declined to put a deadline for the completion of sale of 10 per cent of shares of both companies.
Mr Shourie said that process of sale of residual shares held by the Government in companies which have already been privatised was going on smoothly barring a few technical points that come up during the exercise. The companies in which Government plans to sell its remaining stake include CMC Ltd, Videsh Sanchar Nigam Ltd, Indian Petrochemicals Corporation Ltd, and Bharat Aluminium Company Ltd.
The Minister hoped that the slew of petitions in the Supreme Court challenging privatisation of State-owned companies would clear the air on disinvestment.
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