Oil and Natural Gas Corporation on Monday said the anomaly in allotment of shares in the just-concluded public offering of government's 10 per cent shareholding has been rectified and correct allotments made.
"According to the information received from government, the problem has been solved and correct allotment of shares made," ONGC chairman and managing director Subir Raha told reporters in New Delhi.
Noting that ONGC had no role in the allotment fiasco, he said, "It was government's issue and ONGC had no role to play."
"The process to correct allotments and give refunds is being completed," Raha said.
ONGC has engaged Karvy Consultants, in addition to the registrar of the issue, MCS Ltd, to provide investor services.
The public offering of government's 10 per cent stake had run into trouble after MCS alloted more number of shares to high networth individuals than they actually qualified for.
"Unfortunately, the process of actual allocation of shares and refunds against the oversubscription was vitiated due to errors committed by MCS Ltd, the registrar appointed by the government. It is stated on record that ONGC had no role in the process," he said.
The government garnered Rs 10,542 crore (Rs 105.42 billion) from the offering of 14.2 crore (142 million) equity shares in ONGC.
