ONGC board to meet to consider bonus issue

ONGC board to meet to consider bonus issue

Mumbai: Govt- run explorer Oil and Natural Gas Corp (ONGC) said on Tuesday its board would meet on 16 December to consider bonus share issue, stock split and payment of a special dividend ahead of a planned share sale.

The board would consider issuing one bonus share for every one held and splitting one stock into two, the company said in a statement to the stock exchanges.

The federal government has approved a 5% stake sale in ONGC that is expected to raise more than $3 billion. The issue is expected to hit the markets in March.

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