Market Ecstatic Over Share Offer

The Indian government's public offer of 10 per cent equity in oil major ONGC closed 2.23 times oversubscribed last Friday. The mega offer of 142 million shares was oversubscribed within 15 minutes of the opening of bids. The government plans to raise $US2.2 billion through the ONGC offer.

Within the first hour of opening, bids of more than US $4.85 billion were lodged for the public issue.