ONGC FPO will be launched in March
Oil & Natural Gas Corp (ONGC) has informed that it is coming up with its FPO in the month of March this year. It will file for the FPO by the end of February. The company has said that it is expecting to introduce the FPO in mid-March of the current fiscal. ONGC is looking forward to raise around US$3billion from the market by this FPO.
ONGC's director of finance, Mr. D. K. Sarraf has said that the pricing of the FPO is also dependant on the government.
The government owns 74.14% of ONGC and it will play a vital factor in deciding the price band of the FPO as well. He has further added that ONGC is looking forward to receive a fair response from both the foreign and retail investors.
Meanwhile, the government is planning to sell 5% stake in the offer. It will be as a part of wider plan of the center to sell its stakes in about 60 PSUs. This plan may be carried out in next few years. The main aim of these plans is to cut its fiscal deficit and to collect funds for the poor.
