Financial Daily from THE HINDU group of publications
Tuesday, Mar 16, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 16, 2004 |
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Petroleum Industry & Economy - Disinvestment Markets - Public Offer ONGC cut-off price at Rs 750; mops up Rs 10,534 cr Our Bureau
New Delhi , March 16 THE Government has fixed a cut-off price of Rs 750 per share for the sale of its 10-per cent equity in Oil and Natural Gas Corporation (ONGC) through a public offer, which closed on March 13 with the mop-up touching Rs 10,534 crore. The largest single offer in the Indian capital markets till today was over-subscribed by 5.88 times, creating a demand for $15 billion (about Rs 67,500 crore) as against a total size of $2 billion (about Rs 9,000 crore) the Disinvestment Minister, Mr Arun Shourie, told reporters here on Monday. Of the total offer, qualified institutional bidders would be allotted 46.2 per cent, high net worth individuals 24 per cent, retail individual bidders 17.8 per cent, shareholders 10 per cent and permanent employees 1.8 per cent, the Minister disclosed. "About 7.6 lakh retail investors had submitted bids and each will get what he had asked for," Mr Shourie stated. The retail investors would be allotted the shares at Rs 712.50 per share, a five per cent discount on the final offer price of Rs 750 per share. With the conclusion of the ONGC public offer, the Government's offer for sale of equity in six firms has been wrapped-up. "The Government's disinvestment target of Rs 14,500 crore will be exceeded with proceeds from the six public offers. We will collect Rs 14,126 crore from the six public offers. Together with the Rs 1,300 crore raised by the Government through the public offer in Maruti Udyog Ltd and stake sale in Hindustan Zinc Ltd last year, the total realisation would touch Rs 15,426 crore," said a gleaming Mr Shourie.
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