Friday, 2 March 2012

Govt to analyse ONGC auction before lining up more cos
Govt to analyse ONGC auction before lining up more cos
Clean Media Correspondent 
New Delhi: Mar 2: (CMC)   With the ONGC disinvestment barely scraping through, Finance Minister Pranab Mukherjee, Friday said the government has decided to study the auction process before going ahead with stake sale of other companies.
"This (ONGC auction) is the first case. We shall have to to analyse and then make assessment," Mukherjee told reporters here.
The share sale of ONGC scraped through with largest insurer LIC coming to the rescue at the last moment. Mukherjee had yesterday said that the stake sale was subscribed 98.3 percent yielding government Rs 12,733 crore.
Against an offer of 42.77 crore shares, the final demand was for 42.04 crore shares. Out of this LIC has reportedly purchased 41 crore shares.
The government has already asked Sebi to investigate the technical glitches that led to confusion about the subscription of ONGC share auction.
On account of the rush towards the close of the bidding process, the stock exchanges failed to upload the subscription amount leading to confusion about the total quantum of bids.

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