The government is likely to finalise timeline for auctioning of five per cent of its stake in oil major ONGC to institutional investors on February 24, with a view to garnering about Rs 12,000 crore by the end of the financial year.
“The Empowered Group of Ministers (EGoM) is expected to meet on February 24 to chalk out the road map for ONGC stake auction,” sources said. The EGoM was likely to decide on the timing of the issue as well as the base or reserve price for the auction, they added.
A five per cent share sale in ONGC is likely to fetch the central exchequer around Rs 12,000 crore. Shares of ONGC on Tuesday closed at Rs 291.70, up 3.70 per cent on the Bombay Stock Exchange over previous close.
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