Ministers to discuss ONGC share sale on Monday

A panel of ministers will meet on Feb 27 to discuss a share sale in state-run oil explorer and producer Oil and Natural Gas Corp, Oil Minister S. Jaipal Reddy said.

The ministerial panel last week approved a plan to sell some of the government's shareholding in ONGC through a share auction but did not set any timeframe.

The government had planned to raise up to $2.5 billion through a public offering of ONGC shares but that plan was scrapped in October after tepid response from investors amid weak equity markets.