ONGC FPO may be priced around Rs.250 - Indian IPO Blog

Tuesday, August 30, 2011

ONGC FPO may be priced around Rs.250

ONGC FPO is likely to hit the markets around the third week of 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

The FPO is expected to be priced around Rs.250/- a share, while the current market price of the share was about Rs.275 on Monday, August 30, 2011

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

Check back Indian IPO Blog for the latest updates on ONGC FPO!

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