Tuesday, September 6, 2011

ONGC FPO - Analysis, Review, Recommendation, Subscription, Allotment, Listing

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Oil and Natural Gas Corporation (ONGC), government owned exploration and oil producer, has come out with a public offer of Rs 11,500 crore. The ONGC FPO is one of the most anticipated public offer of this year and is an important part of government's divestment calendar. The government plans to sell 5% (427.77 million shares) through the follow-on public offer (FPO). Post-FPO, the government's stake in ONGC would come down to 69.14% from the current 74.14%.

ONGC's main business is around following energy segments: exploration, production and refining. During the fiscal year ended March 31, 2010 (fiscal 2010), ONGC had a crude oil production of 32.95 million metric tons and natural gas production of 27.98 million metric tons.

The FPO shall open on 20th September and shall close on 23rd September, 2011. The company is yet to declare the price band for the issue. ONGC closed at Rs 260.95 on BSE on 6th September, 2011.

Bank of America Corp, Nomura Holdings, HSBC Holdings Plc, JM Financial Services, Citigroup Inc and Morgan Stanley are managing the FPO.

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