ONGC’s FPO likely in early next fiscal

ONGC’s FPO likely in early next fiscal

Ahmedabad: Inching towards achieving the budgetary estimates of raising Rs40,000 crore from PSU disinvestments in FY10-11, the government on Wednesday indicated that the follow-on public offer (FPO) of the maharatna company ONGC could be deferred to next fiscal.

“We have to see that ONGC’s FPO could be brought by beginning of April next fiscal," VP Gupta, deputy secretary in union ministry of disinvestment, told PTI.

“The ONGC’s FPO aims to raise around Rs10,000 crore from the capital market," he said.

Earlier, the government had said it was looking at divestment in Indian Oil Corporation, Steel Authority of India Ltd and ONGC in the first quarter of 2011.

“So far we have mopped up close to Rs19,000 crore from the divestment in PSUs like Coal India, Engineers India, and Satluj Jal Vidyut Nigam. The FPO of Power Grid Corporation was underway," Gupta said.

FPO of Power Grid, in which the government is diluting 10% stakeholding, is expected to fetch Rs4,000 crore.

“The next initial public offer (IPO) of a PSU, Manganese Ore India Ltd (MOIL), is expected to hit the capital market by December. The issue aims at raising around Rs1,200 crore," he said.

“The other two FPOs -- those of Shipping Corporation of India and Hindustan Copper -- are also expected to hit the market in December," Gupta said.