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ONGC may file draft share sale docs this week

ONGC may file draft share sale docs this week
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First Published: Wed, Feb 23 2011. 02 29 PM IST
Updated: Wed, Feb 23 2011. 02 29 PM IST
New Delhi: State-run Oil & Natural Gas Corp may file the draft prospectus for its share sale this week, its chairman A.K. Hazarika said on Wednesday.
He also told reporters the company is looking for foreign partners to bid in India’s latest exploration licensing round.
ONGC’s finance chief D.K. Sarraf told Reuters earlier this month the company would file for its planned share sale by the end of February.
The government, which owns 74.14% of ONGC, plans to sell 5% in the offer as part of wider plan to sell stakes in about 60 state-run firms over the next few years to cut its fiscal deficit and garner funds for the poor.
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First Published: Wed, Feb 23 2011. 02 29 PM IST
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