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ONGC auction gets bids for two-third shares offered-TV
March 1, 2012 / 10:51 AM / 6 years ago

ONGC auction gets bids for two-third shares offered-TV

MUMBAI, March 1 (Reuters) - A $2.5 billion auction of India’s Oil and Natural Gas Corp (ONGC) shares has received bids for only about two-thirds the shares on offer, television channels said.

Bids had been received for about 290 million shares, the channels said, compared with 427.77 million shares on offer.

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, aiming to patch up its widening fiscal deficit and revive its stalled privatisation agenda. The one-day auction started at 9:15 a.m. (0345 GMT) on Thursday. (Reporting by Prashant Mehra; Editing by Aradhana Aravindan)

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