India to unveil $2.6 bln ONGC stock

India to unveil $2.6 bln ONGC stock

Hong Kong: The government is set to unveil a schedule on Monday for a stock offering worth about $2.6 billion for state-run explorer Oil and Natural Gas Corp (ONGC), sources with direct knowledge of the deal told the news agency on Friday.

The follow-on offering had been postponed several times this year because of turmoil in global markets and lingering concern over government fuel subsidies.

The sources 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.

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