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Oil & Natural Gas Corporation - ONGC FPO
ONGC (Oil and Natural Gast Corporation) officials acknowledged the further delay in its plan to sell shares through FPO. Issue of $2.5 billion was planned to open for public on September 20, 2011. This is not the first time when the FPO of ONGC was postponed. The public issue was initially planned to hit the market in March 2011 and since then it has been postponed several times for multiple reasons including poor equity market conditions across the world. As per the notice submitted to stock exchanges 'the Selling Shareholder has decided not to proceed with the aforementioned Offer Programme and shall evaluate its decision in relation to the Offer in due course.'
ONGC (Oil and Natural Gas Corporation Limited) is India's leading oil & gas exploration company. ONGC has produced more than 600 million metric tonnes of crude oil and supplied more than 200 billion cubic metres of gas since its inception. Today, ONGC is India's highest profit making corporate. It has a share of 77 percent in India's crude oil production and 81 per cent in India's natural gas production. ONGC operates more than 22,000 km's of pipelines in India. Its subsidiaries include ONGC Videsh Limited (OVL), ONGC Nile Ganga BV (ONGBV), ONGC Nile Ganga (Cyprus) Ltd., Jarpeno Limited, Imperial Energy Tomsk Limited, San Agio Investments Limited and Imperial Energy (Cyprus) Limited. Company Promoters: Issue Detail:
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