Standard Post with Image

ONGC Stake sale: DoD invites bids for Merchant Bankers

The department of disinvestment has kickstarted the process of 5 Percent stake sale in ONGC and invited bids for appointing merchant bankers to manage the share sale, which could fetch over INR 17,700 crore to the exchequer.

The merchant bankers would advise the government on the timing and the modalities of the offer for sale (OFS) and ensure best return to the Government, the DoD said while inviting bids. The DoD will appoint up to five merchant bankers to manage the OFS and the bidders will have to submit bids by August 6. At the current market price, a 5 per cent stake sale or over 42.77 crore shares would fetch about INR 17,790 crore to the exchequer.

Source-On Request