New Delhi (31.03.2022): ONGC Offer for Sale (OFS) opened for non-retail investors. The Centre is looking to offload 1.50 per cent stake in the oil major and raise around Rs 3,000 crore in the process through the OFS. In case of oversubscription, the government has said that it will exercise the green shoe option to offload an equal number of shares.
The floor price for the offer shall be Rs 159. “‘Offer for Sale’ for 1.5 per cent equity stake sale in ONGC, including 0.75 per cent Green Shoe option opens on March 31. Retail investor can bid on Thursday,” DIPAM secretary Tuhin Kanta Pandey tweeted.
“Only non-Retail Investors shall be allowed to place their bids on T day, i.e., March 30, 2022. While placing their bids, non-Retail Investors may indicate their willingness to carry forward their un-allocated bids to T+1 day for allocation to them in the unsubscribed portion of Retail Category,” ONGC had said in a regulatory filing.
The OFS shall take place during trading hours on a separate window of the Stock Exchanges on T day, i.e., March 30, 2022 commencing at 9:15 a.m. and shall close at 3:30 p.m. Indian Standard Time on the same date. Those non-Retail Investors who have placed their bids on T day and have chosen to carry forward their bids March 31, shall be allowed to carry forward and also revise their bids on the second day as per the OFS guidelines
