The retail portion of Oil and Natural Gas Corporation’s (ONGC’s) offer for sale (OFS) garnered just 72 per cent subscription.
About 5.3 million shares reserved for small investors went unsubscribed.
The company will allot these shares to non-retail investors, where the OFS has received excess bids. Through the OFS, the government has divested 1.5 per cent stake in ONGC to raise Rs 3,000 crore.
Most bids from retail investors come at Rs 160 per share. Shares of ONGC last closed at Rs 164.
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