The Hindu Business Line : ONGC share allotment likely to be completed today

THERE was respite for some investors who applied for ONGC public offer as they received the shares in their demat account by late evening today. However, the entire allotment process is yet to be completed.

Karvy Consultants officials, who are working with MCS, said allotment of shares to investors has started and hopefully the entire process would be completed by Thursday.

Mr C.B. Bhave, Managing Director, National Securities Depositories Ltd (NSDL) said, "We have received around 4.5 lakh records from MCS and some investors should have received the shares." However, he said the allotment process is still going on and may be completed by Thursday.

Even Central Depository Services of India Ltd (CDSL) officials said that the entire allotment process is yet to be completed. "We are the depository for government shares and as per our latest record only 5 crore shares have been debited from the account compared to the issue size of 14.5 crore shares."

Brokers said there has been concern among investors and they are not selling the shares of ONGC until they are credited to their demat accounts. "We were advising some of our HNI clients to sell their ONGC shares today, as shares will be credited in next couple of days, but they are hesitant until their demat accounts were credited with shares," said a top official of a leading broking firm.

He said this was also the reason for stock price of ONGC remain flat in today's trading. ONGC stock closed at Rs 840.45 on BSE compared to Tuesday's closing of Rs 839.60.

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ONGC share allotment likely to be completed today