Financial Daily from THE HINDU group of publications
Sunday, Mar 14, 2004
Financial Daily from THE HINDU group of publications Sunday, Mar 14, 2004 |
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Petroleum Markets - Public Offer ONGC issue oversubscribed six times Our Bureau
Mumbai , March 13 THE public issue of Oil and Natural Gas Corporation (ONGC), which closed today, has been oversubscribed almost six times. According to the latest figures available on the BSE Web site, the issue received bids for 86 crore shares (i.e., oversubscription of six times) compared to the issue size of 14.25 crore shares. While the NSE data showed bids for 78.5 crore shares that is oversubscription of 5.5 times. When contacted, merchant bankers to the issue said the final counting of the bids is still on and details would be known only by midnight. Of the total bids, the maximum bids were received at the upper price band of Rs 750. According to merchant bankers, the issue price would be decided on Monday in consultation with the Government. The Government is expected to garner over Rs 10,000 crore from the issue. With this, its disinvestment programme in the current fiscal is complete. After the final allotment of ONGC and other PSU shares, the Government would receive over Rs 14,500 crore in the current fiscal, the highest mobilisation by it in a single financial year.
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