ONGC rallies 5% on hopes of stake buys by foreign funds
Oil and Natural Gas Corporation (ONGC) has rallied 5% to Rs 295 on reports that the overseas investors have assured the government they would buy up the proposed 5% stake sale in the company.
“The representatives of various funds from Singapore, the Middle East and London, who met finance ministry officials last week, have informally 'underwritten' the stake sale in the state-run company that could help the government raise about Rs 12,000 crore at current market valuations,” the report suggests.
A combined 1.89 million shares have changed hands on the counter so far on the NSE and BSE.