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ONGC to unveil $2.6 bn FPO schedule Monday

ONGC to unveil $2.6 bn FPO schedule Monday
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First Published: Fri, Sep 02 2011. 04 48 PM IST
Updated: Fri, Sep 02 2011. 04 48 PM IST
Hong Kong: The government is set to unveil on Monday a schedule for a follow-on public offer (FPO) worth about $2.6 billion for state-run explorer Oil and Natural Gas Corp (ONGC), sources with direct knowledge of the deal told Reuters on Friday.
The timetable would set the deal in motion, two sources said, after it was postponed several times this year because of turmoil in global markets and lingering concern over government fuel subsidies.
A separate source said ONGC, as the company is called, is ready to file a prospectus with regulators at short notice and could also start meetings with investors next week.
The sources did not want to be identified as they were not authoriZed to speak to the media on the plans.
The government owns 74.14% of ONGC and has said it plans to sell a 5% stake in the offering.
The sale is part of broader proposal to raise about $9 billion through share sales in public sector firms to help plug the government’s fiscal gap and generate funds for schemes for the poor.
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First Published: Fri, Sep 02 2011. 04 48 PM IST
More Topics: ONGC | FPO | Share Sale | Money Matters | Equities |