ONGC Further Public Offer postponed

An offer for sale through further public offer by the President of India, acting through the Ministry of Petroleum and Natural Gas, Government of India (the "Selling Shareholder") for cash (the "Offer") was planned in Oil & Natural Gas Corporation Ltd. The Government of India's further public offer of 427,774,504 equity shares of Rs. 5 each ("Equity Shares") was scheduled to open on September 20, 2011, the QIB offer closing date was September 22, 2011 and offer closing date was September 23, 2011.

The selling shareholder (Government of India) has decided not to proceed with the offer programme and shall evaluate its decision in relation to the offer in due course.

The stock was trading at Rs.277.35, up by Rs.17.25 or 6.63%. The stock hit an intraday high of Rs.280 and low of Rs.269.75.

The total traded quantity was 15.67 lakhs compared to 2 week average of 3.95 lakhs.

Source : Equity Bulls

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