New Delhi, Feb 26: Disinvestment Minister Arun Shourie has ruled out any deferment of the IPO of Oil and Natural Gas Commission (ONGC) in the wake of sharp decline in the sensex over the past few days. Undaunted by the big players hammering the market, Shourie said the ONGC offer for sale of 10 per cent of its equity, the biggest of the six IPOs underway, will open on March 05 as scheduled.
He was briefing mediapersons about the six issues after meeting Prime Minister Atal Bihari Vajpayee here.
Asked whether the market was being manipulated, he said, ''The government is alert to the goings-on, especially with regard to the six IPOs that it is selling.''
Further, the response to ONGC roadshows in South East Asia was very good. ''So there is no reason for postponing the IPO,'' Shourie quoted merchant bankers as having informed the government.
The government has set a target of raising around 15,000 crore from the market through disinvestment this fiscal. Today, it announced a floor price of Rs 185 per share for its IPO in GAIL (India) Ltd offering only 5.6 per cent discount to its last trading price of Rs 196. Bureau Report