Panel to finalise ONGC stake sale roadmap today

Written by Press Trust of India | New Delhi | Updated: Feb 27 2012, 09:13am hrs
A ministerial panel will meet on Monday to decide on the roadmap for auction of 5% government stake in oil major ONGC that will help raise about R12,000 crore.

The empowered group of ministers (EoM) on ONGC disinvestment is scheduled to meet on Monday to decide on the timeline and pricing issues, an official said. The panel, headed by finance minister Pranab Mukherjee, is expected to decide on the base or reserve price for the auction of government stake in ONGC.

A 5% share sale in ONGC is likely to fetch the central exchequer around R12,000 crore. The ONCG shares was last trading at R284.25 on the BSE. Earlier this month, the EGoM had decided to auction the government stake in ONGC.

The ONGC stake sale would help the government move towards its ambitious target of R40,000 crore disinvestment for the fiscal ending March 31.

Till date it has raised only R1,145 crore from selling a stake in PFC. Besides, the government-owned NBCC too has filed draft papers with Sebi for an initial public offering, which could bring around R250 crore.