Oil and Natural Gas Corporation (ONGC) is trading 3% higher at Rs 280 on reports that the board of directors of the company is scheduled to meet on August 29 to take the decision on filing of the red herring prospectus (RHP) for follow-on-offer (FPO) with market regulator Sebi. The board will also approve the consolidated accounts during the meeting.
The state-owned company is planning to raise around Rs 12,000-crore through the FPO as part of government’s divestment programme. It plans to sell 5%, or 427.77 million, shares through the FPO, which currently holds 74.14% stake in the company.
The stock opened at Rs 273 and touched high of Rs 282 on the NSE. Around 450,000 shares have changed hands in morning deals on the NSE and the BSE.
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