India approves $2.5 billion ONGC share auction

Feb 28, 2012 |

Reuters

New Delhi

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A panel of ministers has approved selling 5 per cent equity in state-run Oil and Natural Gas Corp (ONGC) through a share auction, Oil Minister S. Jaipal Reddy said, in a deal that could raise as much as Rs121 billion.

The auction will be held in a couple of days, and details including the floor price will be disclosed in a notice to stock exchanges, the minister said.

The government had planned to raise up to $2.5 billion through a public offering of ONGC shares but that plan was scrapped last October after tepid response from investors amid weak equity markets.

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