Business News
Indian government to sell 5-per-cent state in state oil company
Mar 1, 2012, 4:11 GMT
New Delhi - The Indian government is to sell a 5-per-cent stake in Oil and Natural Gas Corporation Limited (ONGC) on Thursday, media reports said.
The shares will be auctioned between 9:15 am and 3:30pm (0345 to 1000 GMT) and could raise up to 125 billion rupees (2.5 billion dollars), Indian broadcaster IBN reported.
The state currently has a 74.14-per-cent stake in the oil and gas company and is planning to sell 5 per cent or 427.77 million shares in Thursday's auction. The government fixed the floor price at 290 rupees (5.89 dollars) on Tuesday.
Shares in ONGC were up 9 per cent at the end of Wednesday trade on the Bombay Stock Exchange at 293 rupees.
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