The Hindu : ONGC offer oversubscribed 6.44 times

Online edition of India's National Newspaper
Sunday, Mar 14, 2004

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Business

ONGC offer oversubscribed 6.44 times

MUMBAI, MARCH 13. The Central Government's offer for sale of its 10 per cent stake in ONGC, to raise over Rs. 10,000 crores, received cumulative bids 6.44 times of the offer size at the end of the bidding process today.

Investors placed bids for over 91.94 crore shares against the issue size of 14.26 crore shares of the face value of Rs. 10 each available for subscription, according to the latest data available with the Bombay Stock Exchange.

The maximum bids for 51.07 crore shares were placed at Rs. 750 per share, the higher end of the price band, and for 11.50 crore shares at Rs. 680, the lower end of the price band. Overseas institutional investors have actively bid for the offering across the price band of Rs. 680-750, investment banking sources said. Investors have also put in bids for 12.78 crore shares at and Rs. 700.

The credibility of figures placed on the BSE web site have come under cloud due to some overcounting in data collation process. A BSE spokesperson had, yesterday, said that the data was collected on continuous basis at aggregate level for book built issues and there could have been some over-estimation. The netting was not done for multiple options and it was not possible to specify the extent of overcounting, he had added. The investment banking sources said though the bidding was closed, the data processing work would continue till late in the night to get the exact level of response.

— PTI

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