Govt to resubmit ONGC, Gail offer documents soon

Following assurance of support from Sebi, government would submit to the market regulator within a week the revised offer documents for disinvestment of equity in six PSUs, including ONGC and Gail. After a high-level meeting between disinvestment ministry officials, merchant bankers and legal advisors, it was also decided that the public issues for sale of government’s residual stake in IPCL and CMC would hit the market on February 16 and remain open till February 24.

As part of the strategy to time the issues, the ministry has opted to reschedule the time-table clubbing one big and one smaller PSU, while ensuring that no two PSUs from the same sector hits the market at same time, sources associated with the deal said. The time-table lists IBP and Dredging Corporation issues for February 26, which would close on March 2. ONGC and Gail issues have been slated for March with ONGC said to open on March 3, while Gail would commence on March 13. (PTI)