Oil and Natural Gas Corporation (ONGC) FPO : Likely deffered to early next fiscal

by khalid on 06/12/2010 · 0 comments

Government divestment plan is doing well so far as government have mopped up close to Rs 19,000 crore from the divestment in PSUs like Coal India, Engineers India, and Satluj Jal Vidyut Nigam. From the FPO of Power Grid, in which the government is diluting 10 per cent stakeholding, government is expected to fetch Rs 4,000 crore. Besides that the next IPO of Manganese Ore India Ltd (MOIL), is expected to to raising around Rs 1,200 crore. The other two FPOs — those of Shipping Corporation of India (SCI) and Hindustan Copper (HCC) are also expected to hit the market in December 2010. Indian Oil Corporation (IOC) and Steel Authority of India Ltd (SAIL) FPOs are also expected to hit the market in this fiscal.

Government’s budgetary estimates were to raise Rs 40,000 crore from PSU disinvestment in this fiscal FY10-11. As the target is almost achieved the government indicated that the follow-on public offer (FPO) of the Maharatna company ONGC could be deferred to early next fiscal FY 11-12.

The ONGC’s FPO aims to raise around Rs 10,000 crore from the capital market in next fiscal.

Stay tuned to BelltheBull Blog for more on Oil and Natural Gas Corporation (ONGC) FPO !

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