India to sell five percent equity stake in ONGC

February 29, 2012 11:34

In more biz news, Petroleum and Natural Gas Minister S Jaipal Reddy has said that the Indian Government has approved in principle, the sale of a five per cent equity stake in the state-run ONGC through a share auction. The move is being undertaken to revive the government''s faltering divestment programme.

The share sale could raise as much as 121 billion rupees at ONGCs closing price of 283.40 rupees a share earlier. The shares closed 0.8 percent higher in a firm Mumbai market ahead of the announcement.

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