ONGC FollowOn Public Offer (FPO) by March 2011
ONGC’s much anticipated follow-on public offer may come by the second week of March, by which time the state-run explorer expects to settle the royalty issue with Cairn India and have clarity in the subsidy regime, Chairman and Managing Director R S Sharma said today.
At the current market capitalisation of about Rs 2.7 lakh crore, a 5 per cent divestment by the government will make it an Rs 13,000-crore issue, he told reporters on the sidelines of a conference here.
He further said the company will be meeting investment bankers later this month for the issue.
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Timely notice. Very much appreciated. Small investors may start planning for an investment.