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ONGC Falls 5% As The Government Plans To Sell 1.5% Stake Through The OFS

TNI || New Delhi || 3st March 2022

The government indicated it will sell up to 1.5 percent of its interest in the country’s main oil and gas producer, ONGC this week, leading it to tumble 5.2 percent.

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The government’s offer for sale (OFS), via which the Centre hopes to raise roughly Rs 3,000 crore, would be open on March 30 and 31, according to ONGC.

The stock of ONGC plummeted to a low of Rs 162.00 on the stock exchange, down from Rs 171 at the previous close.

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The promoter (the government) in this case, proposes to sell up to 94,352,094 equity shares shares of the company on March 30, 2022 (to non-retail investors) and March 31, 2022 (to retail investors), with an option to sell an additional 94,352,094 equity shares in case there is an oversubscription), ONGC said via exchange filing.

The OFS’s floor price has been established at Rs. 159 per share. ONGC, which generates half of India’s oil and gas, is 60.41 percent owned by the government.

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A minimum of 25% of the shares in the OFS are allocated to mutual funds and insurance companies, with the remaining 10% reserved for ordinary investors.

According to the filing, ONGC employees are eligible for equity shares worth up to Rs 5 lakh each, with 0.075 percent of equity shares sold in the OFS going to eligible employees at the cut-off price.