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Tuesday, Feb 24, 2004

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ONGC begins roadshow

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(From left) Mr Nimesh Kampani, Chairman, JM Morgan Stanley, Mr Dhirendra Singh, Secretary, Ministry of Disinvestment, Mr Subir Raha, Chairman & Managing Director, ONGC, Mr Uday Kotak, Chairman, Kotak Mahindra Capital Company, and Mr B.K. Chaturvedi, Secretary, Ministry of Petroleum & Natural Gas, at the press conference announcing the offer for sale in ONGC in Mumbai on Monday. - - Shashi Ashiwal

Mumbai , Feb. 23

THE offer for sale of Union Government's 10 per cent stake in ONGC Ltd will open on March 5 and close on March 13, Mr Subir Raha, Chairman and Managing Director, ONGC, said today.

The Government holds 84.11 per cent stake in the upstream oil company.

Of the 14.25 crore equity shares on sale through the book- building route, 10 per cent have been reserved for ONGC's permanent employees and directors. A minimum 25 per cent of the net offer has been reserved for retail investors while 10 per cent is for existing ONGC shareholders. (This does not include the Government, GAIL and Indian Oil Corporation).

Around 50 per cent of the net offer of 11.40 crore shares will be reserved for qualified institutional buyers. The price band for the issue will be announced one day before bids open, Mr Raha said.

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