ONGC FPO likely to hit the streets in September, 2011

The Follow-on Public Offer (FPO) of Oil and Natural Gas Corporation Limited (ONGC) may open for subscription in September 2011. Oil and Natural Gas Corporation Limited (ONGC) is Asia's largest and most active company involved in exploration and production of oil.

ONGC 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. ONGC contributes significantly to India's crude oil production and natural gas production

In a move towards the FPO, Oil and Natural Gas Corporation (ONGC) Board had earlier undergone sub division of each Equity Share of the Company of Rs.10/- each fully paid up into two equity shares of Rs.5/- each fully paid up. The Company had also issued Bonus shares in the proportion of one new Equity Share of Rs.5/- each as a Bonus for every one existing Equity Share of Rs.5/- each fully paid up by capitalization of reserves

The FPO of ONGC has been anticipated since long now and also has been much talked about ever since it came to be known that the company was going to come up with an FPO. It remains to be seen whether the FPO meets the expectation of opening in September 2011 or not. Check back Indian IPO Blog for the latest updates on ONGC FPO!