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Friday, Feb 13, 2004

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ONGC public offer: Final sale document filing next week

Our Bureau

New Delhi , Feb. 12

THE final sale documents for public offer of 10 per cent Government equity in state-owned oil company GAIL will be filed with the market regulator SEBI this week.

According to sources associated with the process, the sale document for ONGC's public offering would be submitted to SEBI early next week.

The bids for public offering of Government equity in ONGC is scheduled to open on March 3 and close on March 12, while in the case of GAIL, the bids would open from March 13 to March 19.

The public offering in the two oil PSUs are part of six public floats slated to hit the market in the coming weeks, which would enable the Government meet the disinvestment target of Rs 14,500 crore for the current fiscal.

The Government would go for public offer of its residual equity in IPCL, CMC, IBP & Co Ltd and also offload 20 per cent of its stake in Dredging Corporation of India (DCI).

The sale documents for the public offer of Government's residual equity in IPCL has been filed with Registrar of Companies after securing SEBI clearance, setting the stage for its launch on February 16.

``The documents for IPCL have been filed with Registrar of Companies. We hope to file the documents for CMC, DCI and IBP in quick succession early next week,'' the sources said.

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