New Delhi, Mar 14: The petroleum ministry is likely to pursue the disinvestment and finance ministries to fix the cut-off price of ONGC shares in the concluded issue at the highest level of Rs 750 per share in the wake of good response to the issue. A discount of five per cent may be given to the retail investors as in the case of other issues, highly-placed sources said.
The issue of ONGC, which was closed today, attracted a massive six-times oversubscription for the sale of 10 per cent government's equity in the upstream oil company. The government has invited bids for the sale of 14.25 crore equity shares of Rs 10 each in the band price of Rs 680 and Rs 750 per shares.
Meanwhile, petroleum minister Ram Naik told on telephone from Mumbai, while campaigning for his elections, that he was overwhelmed by the success of the ONGC, which has created history of oversubscription within eleven minutes of the opening of issue on March 05.
He said investing public in the petroleum sector issues had shown immense interest and response to the offerings for government's equity in IBP and Gail was the clear indications.
He said corporate history was created as the government has received the offer for nearly Rs 50,000 crore as against the possible sale of only around Rs 10,000 crore.
Bureau Report