Finally after several postponements, follow-on public offer of state-run Oil and Natural Gas Corporation(ONGC) will open for subscription on September 20, 2011.
Government will offer 42.8 crore shares through this FPO, which will close on September 23. A total of 8.5 crore shares are reserved for employees of the company.
After the news, the share erased some gains to trade at Rs 258.40, up just 0.56%, with volumes of 6,628,580 shares. It was up nearly 2%.
If we consider FPO price at Rs 250 a share, the issue size comes to Rs 10,700 crore. Market capitalisation of the company stands at Rs 221,073.86 crore.
In the financial year 2010-11, the company reported sales turnover of Rs 66,154.88 crore and net profit of Rs 18,924.00 crore.
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