Financial Daily from THE HINDU group of publications
Wednesday, Mar 31, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 31, 2004 |
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Public Offer Markets - Stocks ONGC allotment issue may be sorted out today Our Bureau
Mumbai , March 30 THE issues surrounding the over-allotment of ONGC shares to a section of investors is likely to be solved by Wednesday. Officials at MCS Ltd, the registrar to the ONGC public issue, said by Wednesday morning, the actual number of shares allotted to investors to the issue would be credited to the individual demat accounts. Officials at the depository NSDL also said the registrar had assured that the credit details would be send to them by Wednesday. However, how to resolve the issue of shares sold by some investors in excess of their allotment and the losses suffered by them is yet to be decided. When contacted, officials at SEBI, NSE and BSE had no official comment to make. The SEBI Chairman, Mr G.N. Bajpai, said, "I'm not aware of the latest development as I'm out of Mumbai." Brokers said the impact of Monday's trade would be known only after assessing trade details and the settlement on Friday for the trades done on Monday. The settlement is delayed due to bank holidays. In Tuesday's trading, the stock price of ONGC remained almost flat and closed at Rs 839.60, down 0.57 per cent on BSE; there was no major volatility in the stock as seen on Monday.
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