IOC, ONGC follow-on offer to hit market by January-March

IOC, ONGC follow-on offer to hit market by January-March

Kolkata: The disinvestment department on Monday said it expects IOC, ONGC and SAIL follow-on offers to hit the markets during January-March 2011 quarter.

“IOC, ONGC and SAIL issues will hit in January-March 2011 and we expect to receive the approval very shortly," disinvestment secretary Sumit Bose said here today.

He was in the city for CIL’s IPO roadshow.

Bose said he was confident to raise Rs40,000 crore by the current fiscal from divestment as targeted by the finance ministry in the Budget 2010-11.

Power Grid Corporation issue will hit the market after Diwali, followed by Manganese Ore India, Shipping Corporation and Hindustan Copper and all these will be completed by December, the divestment ministry hopes.

With the Power Grid offer, government expects to generate some Rs20,000 crore and rest half will be raised by rest of the 6 offers.

In the entire divestment agenda, the Coal India IPO, which opens today, is a major one that will help raise close to Rs15,000 crore.