Share sales in ONGC, IOC deferred

The government has put off the follow-on public offering (FPO) of its 5% stake in Oil and Natural Gas Corp (ONGC) to March 2011, while pushing back the share sale of Indian Oil Corp (IOC) to the next fiscal year. HT reports.

The government has put off the follow-on public offering (FPO) of its 5% stake in Oil and Natural Gas Corp (ONGC) to March 2011, while pushing back the share sale of Indian Oil Corp (IOC) to the next fiscal year.

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“The FPO of ONGC will happen before end of March 2011,” said S Sundareshan, petroleum secretary, on Thursday. The FPO is expected to raise up to R13,000 crore.

The share offering of IOC, which was scheduled for the third or fourth week of January, would now happen next fiscal year, Sundareshan said.