March 1, 2012 / 11:26 AM / 5 years ago

ONGC share auction bids still being reconciled-BSE

MUMBAI, March 1 (Reuters) - Bids in a $2.5 billion auction of shares in India's Oil and Natural Gas Corp are still being reconciled with the funds received, and final numbers will be published later in the day, the Bombay Stock Exchange (BSE) said in a statement.

Bids in the auction were received for only about two-thirds the shares on offer, television channels said, while one said state-owned Life Insurance Corp of India stepped in to buy the remainder of the shares.

Exchange data was not clear on the final amount of bids, and bankers and officials at the Department of Disinvestment were not available.

The Indian government was selling a 5 percent stake in ONGC in the auction on stock exchanges. (Reporting by Prashant Mehra; Editing by Aradhana Aravindan)

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