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ONGC public issue to be offered in lots of 10
New Delhi, Jan 08: With a view to attract small investors, government will offer in lots of 10, the shares of state-owned exploration firm Oil and Natural Gas Corporation for public issue to divest 10 per cent of its equity.
New Delhi, Jan 08: With a view to attract small investors, government will offer in lots of 10, the shares of state-owned exploration firm Oil and Natural Gas Corporation for public issue to divest 10 per cent of its equity.
The inter-ministerial group on ONGC disinvestment which met here late yesterday, decided to offer the shares in multiples of 10 instead of the normal practice of offering in lots of 100 shares and multiples thereof, sources said.
"Deciding against splitting ONGC shares into smaller denominations, the IMG instead decided to reduce the lot of shares on offer from 100 to 10. A smaller lot will enable small and retail investors to participate in the public offer," they said.
The public issue of 14.2 crore shares of ONGC will hit the market on march two and will be open for bidding under the book building route for seven working days, they said.
A draft prospectus for the public issue will be filed with Sebi before the month end and road shows will be held at London, Singapore, Hong Kong, Dubai and a couple of places in the US in the last week of February.
Simultaneous road shows will also be organised in India.
Bureau Report
The inter-ministerial group on ONGC disinvestment which met here late yesterday, decided to offer the shares in multiples of 10 instead of the normal practice of offering in lots of 100 shares and multiples thereof, sources said.
"Deciding against splitting ONGC shares into smaller denominations, the IMG instead decided to reduce the lot of shares on offer from 100 to 10. A smaller lot will enable small and retail investors to participate in the public offer," they said.
The public issue of 14.2 crore shares of ONGC will hit the market on march two and will be open for bidding under the book building route for seven working days, they said.
A draft prospectus for the public issue will be filed with Sebi before the month end and road shows will be held at London, Singapore, Hong Kong, Dubai and a couple of places in the US in the last week of February.
Simultaneous road shows will also be organised in India.
Bureau Report