Govt. not to proceed with further public offer of 5% paid-up equity shares of ONGC

The Government has decided not to proceed for the time being with further public offer of 5% paid-up equity shares of Oil and Natural Gas Corporation Limited (ONGC ) through an offer for sale. However, the Government continues to believe in the inherent strength of ONGC . The decision will be evaluated in due course keeping in view all relevant factors. Significant work has been done by all involved with a common objective of delivering a successful Offer and all continue to believe in the inherent strength of the Company. The Government remains committed to the Disinvestment programme.

In relation to the Offer, the Red Herring Prospectus dated September 5, 2011 of ONGC was filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana and the Securities and Exchange Board of India on September 5, 2011. As per the Offer Programme mentioned in the Red Herring Prospectus, the Offer Opening Date was September 20, 2011, the QIB Offer Closing Date was September 22, 2011 and the Offer Closing Date (for all other Bidders) was September 23, 2011.

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