ONGC FPO likely to be in Mid-Feb

December 29, 2010   ·   0 Comments

As a part of divestment exercise, state-run ONGC is also planning to launch its follow-on public offer (FPO) soon. RS Sharma Chairman and MD has said that the company is hopeful of launching the FPO by mid-February.  Finance Minister, Oil Ministry and ONGC are in talks for decent royalty compensation and will shortly submit new subsidy sharing proposal to govt, the company informed.

The new proposal is dobe along lines of Kirit Parikh recommendations. Meanwhile, Meanwhile, Finance Minister sources have said that FPO of Hindustan Copper deferral is likely due to Mining Bill. Mining Bill which is currently being discussed by government has lack of clarity on key provisions. 

However, other FPOs including Power Finance, and ONGC will be rolled out in this fiscal itself.  Sources also add that government may fall short of the Rs 40,000 crore divestment target due to deferral of IOC FPO this fiscal. Instead govt may garner about Rs 38,000 crore without IOC FPO.

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