ONGC FPO to launch 15 March

New Delhi: State-owned Fortune Global 500 company, Oil and Natural Gas Corporation, has said it will launch its Rs13,000-crore follow-on public offer (FPO) on 15 March. Road shows for the offer will begin in the first week of February.

The decision was taken today at a meeting attended by disinvestment secretary Sumit Bose and petroleum secretary S Sundareshan, among others.

''The first road show for the FPO will be held on 2 February in Chennai, while the offer is expected to hit the markets on 15 March,'' said a government official.

ONGC is the nation's highest profit earning firm.

Earlier on 1 December 1, the Cabinet had approved the sale of government's five per cent stake in ONGC, the nation's highest profit earning firm, in order to raise up to Rs13,000 crore. It also decided to push back Indian Oil Corporation's public offering behind ONGC's offering.

Post offer, the government shareholding in ONGC would come down to 69.14 per cent from current 74.14 per cent.