The stake sale has been postponed due to poor market conditions. The Centre, which plans to sell 5 per cent of its stake in ONGC through a follow-on public offer, had postponed the share sale a number of times in the past, the last on September 15, owing to uncertain market conditions.
After the FPO, whenever it happes, the government's stake in ONGC will come down to 69.14 per cent from 74.14 per cent at present. The government, which aims to garner Rs 40,000 crore through disinvestment in the state-run companies in thecurrent fiscal, has so far been able to raise only Rs 11,400 crore, with only four months left for the fiscal year to end.
Published 19 November 2011, 18:43 IST