SBI plans to bid for ONGC shares

State Bank of India (SBI), the country's top lender, plans to bid for state-run Oil and Natural Gas Corp (ONGC) shares, its Chairman Pratip Chaudhuri said on Thursday.

The government is set to raise at least $2.5 billion selling a 5% stake in ONGC, aiming to patch up its widening fiscal deficit and revive its stalled privatisation agenda. The one-day auction started at 9:15 am.