Draft prospectus for the upcoming mega public offers in public sector oil companies -- Gas Authority of India and Oil and Natural Gas Corp -- are expected to be filed with the Securities and Exchange Board of India within a week even as a host of exemptions were sought by the government to make the issues slated for this fiscal a grand success.
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While the prospectus for sale of 10 per cent government equity in oil exploration major ONGC would be filed on January 27, the same for the Gail issue would be placed before the capital markets watchdog by January 23, sources associated with the deal said in New Delhi.
Sources said the government had sought a host of exemptions including declaration of price band a day before the bids were opened.
Furthermore, an elastic price band for the two issue have been proposed going beyond the stipulations of Sebi guidelines.
While a 20 per cent price band is usually offered to prospective investors for offering price quotes in the current case, a 30 per cent price band has been proposed.
A wider price band is expected to address problems of price fluctuations.