On March 5, the Indian government?s offer to sell off 10% of its ONGC holdings (the largest ever public issue in the country) was fully subscribed within 10 minutes of opening. Reportedly, Oklahoma-based master investor Warren Buffet, who is buying stakes in profitable oil and gas companies around the world, had put in a bid for ONGC shares.
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Indian Government Cashes In
More than $3.1 billion flows into country from oil and gas sell-off....
The Indian government has raised more than US$3.1 billion by selling off its stakes in oil and gas companies in recent months to coincide with rising world interest in energy shares and India?s economic emergence. (US$1 = 45 Rupees)
The government raised a record of 105 billion rupees from recent sales of its stakes in upstream Oil and Natural Gas Corporation (ONGC), 16.5 billion rupees from Gas Authority of India Limited (Gail), 12 billion rupees from Indian Petrochemicals Limited (IPCL), four billion rupees from Petronet and 3.5 billion rupees from IBP Limited. The money will be used to narrow the country?s fiscal deficit.
On March 5, the Indian government?s offer to sell off 10% of its ONGC holdings (the largest ever public issue in the country) was fully subscribed within 10 minutes of opening. Reportedly, Oklahoma-based master investor Warren Buffet, who is buying stakes in profitable oil and gas companies around the world, had put in a bid for ONGC shares.
On March 5, the Indian government?s offer to sell off 10% of its ONGC holdings (the largest ever public issue in the country) was fully subscribed within 10 minutes of opening. Reportedly, Oklahoma-based master investor Warren Buffet, who is buying stakes in profitable oil and gas companies around the world, had put in a bid for ONGC shares.
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