Merchant bankers working as bookrunners and advisors for the public offering for the sale of 10 per cent equity in ONGC, have asked the government to get permission from market regulator Sebi, in order to use participatory notes to attract more foreign investment. The ONGC public offer is opening on March 5, and the revised target is Rs 14,500 crore. The government is trying to raise Rs 10,000 crore from the sale of 14.26 crore shares through the ONGC issue, whose floor price is to be fixed around Rs 670 a share. Disinvestment Minister Arun Shourie met with financial advisors and merchant bankers earlier this week, and the matter was brought up. The issue is expected to be discussed again on Monday, when Shourie is scheduled to meet merchant bankers in Mumbai in connection with ongoing public issues.
