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ONGC rallies 5% ahead of stake sale

SI Reporter  |  Mumbai 

Oil and Natural Gas Corporation (ONGC) has rallied 5% at Rs 296 after the state-run oil exploration and production firm said that it will launch its share sale through an auction on Thursday.

The government will sell 5% of its holding, or about 428 million shares, in the offering and the floor price for the issue has been set at Rs 290 a share. "The day-long auction, will take place on Thursday between 9:15 am and 3:30 pm,” said in a notice to stock exchanges late on Tuesday.

A combined around 600,000 shares have chagned hands on the coutner on opening deals on the NSE and

First Published: Wed, February 29 2012. 09:46 IST
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