The revised sale documents for public float of 10 per cent government equity in state-owned oil company Oil and Natural Gas Corp is expected to be filed with market regulator Securities and Exchange Board of India, next week.
According to the sources associated with the process, the sale document for ONGC's public offer would be submitted to Sebi early next week, while the documents for Gas Authority of India would be filed with the market regulator during this week.
The Divestment Development: Complete Coverage
The bids for public offering of government equity in ONGC is scheduled to open on March 3 and close on March 12, while bids for GAIL would open from March 13 to March 19.
The public offering in the two oil PSUs are part of six public floats slated to hit the market in the coming weeks, which would enable divestment ministry to mop up close to
Rs 14,500 crore (Rs 145 billion), thus surpassing the target of Rs 13,200 crore (Rs 132 billion) fixed for the current financial year.
The government would go for public offer of its residual equity in companies like IPCL, CMC, IBP and also offload about 20 per cent stake in Dredging Corporation of India Ltd.
Sebi has already given its clearance to the public offer for IPCL and CMC, and government is currently in the process of registering the documents with Registrar of Companies.
