‘ONGC share allotment problem solved’

ONGC Chairman and Managing Director, Subir Raha has said that the anomaly in allotment of shares in the just-concluded public offering of th...

ONGC Chairman and Managing Director, Subir Raha has said that the anomaly in allotment of shares in the just-concluded public offering of the government’s 10 per cent shareholding has “been rectified” and correct allotments made.

‘‘According to information received from the government, the problem has been solved and correct allotment of shares has been made,’’ the CMD told reporters at today.

Clearing ONGC’s role in the allotment fiasco, Raha said: ‘‘It was a government issue and the ONGC had no role to play’’ and added: ‘‘The process to correct allotments and give refunds is being completed.’’

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The public offering of Government’s 10 per cent stake had run into trouble after registrar MCS Ltd allotted more number of shares to high networth individuals (HNIs) than they actually qualified for.

ONGC has engaged Karvy Consultants, in addition to MCS Ltd, the registrar appointed by the government, to provide investor services. ‘‘Unfortunately, the process of actual allocation of shares and refunds against the oversubscription was vitiated due to errors committed by MCS Ltd. It is stated on record that ONGC had no role in the process,’’ said Raha.

The government managed to garner Rs 10,542 crore from the initial public offering of 14.2 crore equity shares in ONGC and made up for the shortfall in the disinvestment target.

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