Government decides not to proceed for the time being with further public offer of 5% paid-up equity shares of ONGC through an offer for Sale; Decision to be evaluated in due course ; Government continues to believe in the inherent strength of ONGC and is committed to the disinvestment programme.

The Government has decided not to proceed for the time being with further public offer of 5% paid-up equity shares of Oil and Natural Gas Corporation Limited (ONGC ) through an offer for sale. However, the Government continues to believe in the inherent strength of ONGC . The decision will be evaluated in due course keeping in view all relevant factors. Significant work has been done by all involved with a common objective of delivering a successful Offer and all continue to believe in the inherent strength of the Company. The Government remains committed to the Disinvestment programme.

In relation to the Offer, the Red Herring Prospectus dated September 5, 2011 of ONGC was filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana and the Securities and Exchange Board of India on September 5, 2011. As per the Offer Programme mentioned in the Red Herring Prospectus, the Offer Opening Date was September 20, 2011, the QIB Offer Closing Date was September 22, 2011 and the Offer Closing Date (for all other Bidders) was September 23, 2011.

In relation to the Further Public Offer the following Disclaimer is given:

Oil and Natural Gas Corporation Limited is proposing, subject to market conditions and other considerations, a further public offer of its equity shares and has filed a Red Herring Prospectus with the Registrar of Companies, National Capital Territory of Delhi and Haryana, the Stock Exchanges and the Securities and Exchange Board of India (“SEBI”). The Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the respective websites of the Book Running Lead Managers at http://www.jmfinancial.in, http://www.citibank.co.in, http://www.dspml.com, www. http://www.hsbc.co.in/1/2/corporate/equities-global-investment-banking, http://www.morganstanley.com/indiaofferdocuments, and http://www.nomura.com/asia/services/capital_raising/eq. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk factors” of the Red Herring Prospectus.

More Under Finance

Posted Under

Category : Finance (3499)
Type : News (12699)

Leave a Reply

Your email address will not be published. Required fields are marked *