The Narendra Modi government in New Delhi will offload up to 1.50 per cent stake in energy major ONGC through an offer for sale (OFS)

Mumbai: The Narendra Modi government in New Delhi will offload up to 1.50 per cent stake in energy major ONGC through an offer for sale (OFS).

According to stock exchange filing made by the ONGC on Tuesday, the OFS will be held on March 30 for non-retail investors and on March 31 for retail and non-retail categories with a floor price of Rs 159 per equity share.

“The promoter (the seller) proposes to sell up to 94,352,094 equity shares of the company (representing 0.75 per cent of the total paid up equity share capital of the company) on March 30, 2022, (T day) (for non-retail investors only) and on March 31, 2022 (T+1 day) (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids).

“… with an option to additionally sell 94,352,094 equity shares through a separate, designated window of the BSE and the National Stock Exchange of India, collectively representing 1.50 per cent of the total issued and paid up equity share capital of the company, in accordance with the OFS Guidelines.”

The offer shall take place on a separate window of the Stock Exchanges on March 30 and March 31 from 9.15 a.m. to 3.30 p.m. on both days.