The government plans to put its derailed disinvestment drive back on track this week with a likely 5% stake sale in Oil and Natural Gas Corp (ONGC) to raise 12,000 crore through an auction on the stock exchanges, official sources said. Bankers said if the offer was successful, it would be followed by a wave of such issues in the market by the end of March, when the fiscal year ends, helping the government reduce fiscal deficit. An empowered group of ministers (EGoM) led by Finance Minister Pranab Mukherjee is scheduled to meet this week to clear the first stake sale in nearly nine months along with subsequent divestment in other state firms. The EGoM meeting to decide the price band and methodology of ONGC's share sale would be attended by Home Minister P Chidambaram, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Petroleum Minister Jaipal Reddy.
Source: Economic Times
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