Our Bureau

Mumbai, March 2

A BLOCK deal of around 86 lakh shares of ONGC valued at around Rs 745 crore was struck on the BSE today.

According to sources, a group company of Reliance Communications India Ltd, Smart Solutions, was the seller, and the buyers were several FIIs. However, till late evening the details of the deal were not disclosed to the stock exchange. Normally a deal of such big size is disclosed to the stock exchanges.

The deal was struck within minutes of the opening of the market at Rs 865.

However, after the deal the stock price of the oil major fell. At the end of the day, the stock closed at Rs 856.30, down 0.94 per cent from the previous close, on the BSE with a total volume of 1.04 crore shares.

On the NSE, it closed at Rs 856.80, down 1.15 per cent, with a volume of 19.15 lakh shares.

Brokers said Reliance Infocomm bought the shares in the public offer of ONGC in 2004 at Rs 750 per share.

Brokers said several FIIs are interested in the stock of ONGC but due to low liquidity there is not much interest.

However, they feel that with more than 85 lakh shares being brought by several FIIs, the interest could increase.

(This article was published in the Business Line print edition dated March 3, 2005)
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