The Union government will raise at least Rs 12,400 crore through the sale of five per cent stake in Oil and Natural Gas Corporation (ONGC), giving it a much-needed cushion in the run-up to the Budget. The government would sell 427.77 million shares at a floor price of Rs 290 through the recently introduced auction mechanism, the company said in a notice to the stock exchanges. The auction will be held during trading hours on March 1.Unlike earlier divestments, retail investors will be kept out of this sale. The auction is open only to institutional investors.
Source: Business Standard
No comments:
Post a Comment