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ONGC Files For $2.5-Bn Share Sale

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State-run explorer Oil and Natural Gas Corp has filed the prospectus for its follow on public offer with the markets regulator on Monday, the company said in a statement on Tuesday.

The 5 per cent stake sale, valued at about $2.5 billion, will include an offer of 419.2 million shares to the public and a reservation of 8.55 million shares for employees, the firm said.

ONGC's planned share sale, delayed by more than six months, is likely to launch on Sept. 20 and will close on Sept. 23, sources had told Reuters on Monday.


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corporate business energy and power news 5 ongc public issue