New Delhi: State-run behemoth Oil & Natural Gas Corporation's (ONGC) Offer for Sale (OFS) has opened on Wednesday for non-retail investors. Through the OFS, the Central government is looking to offload 1.50 percent stake in the oil major and raise around Rs 3,000 crore in the process. In case of oversubscription, the government has said that it will exercise the green shoe option to offload an equal number of shares.
"The floor price for the offer shall be Rs 159," the public sector enterprise said in an intimation to the stock exchanges on Tuesday.
"'Offer for Sale' for 1.5 percent equity stake sale in ONGC, including 0.75 percent Green Shoe option opens tomorrow. Retail investor can bid on Thursday," DIPAM secretary Tuhin Kanta Pandey had tweeted on Tuesday.
"Only non-Retail Investors shall be allowed to place their bids on T day, i.e., March 30, 2022. While placing their bids, non-Retail Investors may indicate their willingness to carry forward their un-allocated bids to T+1 day for allocation to them in the unsubscribed portion of Retail Category," ONGC had said in a regulatory filing.
"The Offer (OFS) shall take place during trading hours on a separate window of the Stock Exchanges on T day, i.e., March 30, 2022 commencing at 9:15 a.m. and shall close at 3:30 p.m. Indian Standard Time on the same date," it had added.
Those non-Retail Investors who have placed their bids on T day and have chosen to carry forward their bids March 31, shall be allowed to carry forward and also revise their bids on the second day as per the OFS guidelines.
A minimum of 25 percent of the shares will be reserved for mutual funds and insurance companies, 10 percent for retail investors, and 0.075 percent for employees. Retail investors and employees will be able to buy at lowest or cut off price, ONGC had said.
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