The Hindu : ONGC, GAIL public issue to hit market

Online edition of India's National Newspaper
Wednesday, Jan 07, 2004

Business

Business

ONGC, GAIL public issue to hit market

NEW DELHI JAN. 6. The Government is likely to open on March 10 the public issues for sale of its 10 per cent equity each in the exploration firm, Oil and Natural Gas Corporation, and the gas transmission company, GAIL (India).

According to tentative schedule drawn by the merchant bankers for the public issue of 14.2 crore equity shares of ONGC and 8.4 crore equity shares of GAIL, bids under the book building process will be invited from March 10 to 16, with share allotment and price fixing slated for March 26.

An inter-ministerial group (IMG) will meet in the next two days to finalise the time-table for public issues, sources in the Government told PTI here.

The Government will file the draft prospectus for the GAIL public issue by January 20 and for ONGC by the month end.

The sources said book runners are now carrying out due diligence. "We hope to receive the comments of Securities and Exchange Board of India (SEBI) on the draft prospectus by February 23 and a final prospectus will be filed with the Registrar of the Companies by the end of February.'' — PTI

Printer friendly page
Send this article to Friends by E-Mail

Business