ONGC stake sale cleared, auction to happen soon

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ONGC disinvestment has been given nod by the Empowered Group of Ministers (EGoM) today for the 5% stake sale. The auction is expected to happen in a couple of days. The floor price for the auction is expected to be be disclosed in exchange notice. 

The ONGC stake sale is likely to fetch the exchequer around Rs 12,000 crore. The government is looking at various options to meet its disinvestment target which has been hit due to adverse market situation.

The shares of the company closed at Rs 283 as on 28th feb 2012, up 1% on the Bombay Stock Exchange ahead of the EGoM meeting.

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