The auction for sale of the government's five per cent stake in Oil and Natural Gas Corporation Limited (ONGC) fell short of expectations as bids were received for only 29.22 crore shares out of the 42 crore on offer.
The company’s divestment was decision of Department of disivestment ( DoD).
NSE says that there was no option of offline transaction. 9.3 crore ONGC shares bid on BSE platform and 19.92 crore shares bid on NSE platform.
Government sources say that the company’s share auction result is 'disappointing'. Poor response to ONGC Auction may impact divest plan. ONGC quashes claims of LIC bailing out issue. No bidder to be allocated more than 25% of issue.
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The company’s divestment was decision of Department of disivestment ( DoD).
NSE says that there was no option of offline transaction. 9.3 crore ONGC shares bid on BSE platform and 19.92 crore shares bid on NSE platform.
Government sources say that the company’s share auction result is 'disappointing'. Poor response to ONGC Auction may impact divest plan. ONGC quashes claims of LIC bailing out issue. No bidder to be allocated more than 25% of issue.
....more info