The mega public issues for sale of government's 10 per cent equity in gas transmission monopoly GAIL (India) Ltd and country's largest exploration firm Oil and Natural Gas Corporation will hit the market on February 23 and March 2, respectively.
The draft prospectus for the issue of 84 million equity shares of Gail will be filed with the Securities and Exchange Board of India by January 23 and roadshows for the public offer will be held at major financial capitals around the world in the middle of next month, sources in the government said.
An inter-ministerial group, comprising officials of ministries of divestment, finance, petroleum and law, on Thursday decided to keep the Gail public issue open for five days upto February 27.
For ONGC, the IMG on Wednesday decided against splitting the scrip and instead proposed to offer shares in lots of 10 against the normal practise of 100 shares and multiples thereoff, so as to attract small and retail investors.
The public issue of 14.2 crore (142 million) shares of ONGC will hit the market on March 2 and will be open for bidding under the book building route for seven working days, they said.
A draft prospectus for the public issue will be filed with Sebi before the month end and road shows will be held at London, Singapore, Hong Kong, Dubai and a couple of places in the United States in the last week of February.
Simultaneous roadshows will also be organised in India.
