Oil and Natural Gas Corporation's public offer for divesting 10 per cent government equity will hit the market on March 3 followed by Gas Authority of India's on March 13 with the Centre on Tuesday saying that Securities and Exchange Board of India had committed full assistance for the purpose.
Divestment secretary Dhirender Singh, refuting media reports that the market regulator had washed its hands off the issue, said, "Sebi would guide the government at various steps to ensure these transactions take place in a manner which would be in the interest of the capital markets and investors in India."
The Divestment Development: Complete Coverage
Singh said though Sebi had clarified that detailed guidelines issued by it do not strictly apply to sale of shares, it was incorrect to say the watchdog had washed its hands off the entire process.
Sebi chairman G N Bajpai held a meeting with him, on Monday, in this regard, Singh said adding the issues would lend depth to the market besides putting good scrips in the hands of retail investors.
The regulator has issued an advisory indicating the steps that the government needs to take.
The ministry has received a letter from the regulator permitting it to enlarge the price band and declare the same a day ahead of opening of bids.
The divestment ministry on Monday decided to push back the Gail issue from February just behind the ONGC offer in a bid to prioritise the six IPO's lined up for this fiscal.