<p>The government may auction 5 per cent stake in Oil and Natural Gas Corp, the nation's biggest energy explorer, to raise about Rs 12,000 crore.<br /><br /></p>.<p>A Group of Ministers (GoM) is likely to meet later this month to take a final call on the issue, an oil ministry official said here.<br /><br />The government had in November last year put on hold a proposal to sell 5 per cent of its stake in ONGC through a public offering.<br /><br />"Auction involves very little paperwork and the whole process can be done very quickly," he said.<br /><br />Capital market regulator Securities and Exchange Board of India (Sebi) last week announced rules for the sale of shares through auctions to institutional investors.<br /><br />The government owns 74.14 per cent stake in ONGC and plans to sell 427.77 million shares, which will trim its holding to 69.14 per cent.</p>
<p>The government may auction 5 per cent stake in Oil and Natural Gas Corp, the nation's biggest energy explorer, to raise about Rs 12,000 crore.<br /><br /></p>.<p>A Group of Ministers (GoM) is likely to meet later this month to take a final call on the issue, an oil ministry official said here.<br /><br />The government had in November last year put on hold a proposal to sell 5 per cent of its stake in ONGC through a public offering.<br /><br />"Auction involves very little paperwork and the whole process can be done very quickly," he said.<br /><br />Capital market regulator Securities and Exchange Board of India (Sebi) last week announced rules for the sale of shares through auctions to institutional investors.<br /><br />The government owns 74.14 per cent stake in ONGC and plans to sell 427.77 million shares, which will trim its holding to 69.14 per cent.</p>