The government has deferred its proposed Rs 12,000 crore (Rs 120 billion) share sale in state oil and gas explorer ONGC by at least two weeks due to unfavourable market conditions.
"The selling shareholder (government) has decided not to proceed with the aforementioned offer programme and shall evaluate its decision in relation to the offer in due course," it said.
The company did not give new dates for the FPO. The Department of Disinvestment (DoD), which is in charge of the FPO, under which the government is selling a 5 per cent stake in ONGC, yesterday sent out terse letters communicating the postponement of the share sale.
It neither offered any reason for deferral
You may get only 4 gas cylinders a year at low rates
ONGC FPO set to miss July 5 timeline
Teesta fallout: Ties between Mamata, Pranab sever
ONGC share sale may open on Sep 20
E-filing: How the IT department is helping YOU