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Thursday, December 2, 2010

ONGC Share Split before FPO

The Government has accepted the splitting of ONGC Share having a Face Value of Rs.10/- into two shares of a Face Value of Rs.5/- each, before the proposed FPO of the company. This move is to make the FPO affordable for small Retail Investors

The Government plans to sell 5% of its shares in ONGC through a Follow-on Public Offer. The proposed FPO of ONGC is expected to hit the streets in March 2011

Oil and Natural Gas Corporation Limited (ONGC) is a state-owned oil and gas company in India. It was set up as a commission on 14 August 1956. ONGC significantly contributes to India's crude oil production and natural gas production. It is the highest profit making corporation in India.

ONGC is Asia's largest and most active company involved in exploration and production of oil. It is involved in exploring for and exploiting hydrocarbons in sedimentary basins of India. It owns and operates more than 11,000 kilometres of pipelines in India
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