ONGC advances after OFS concludes

1 Apr 2022 , 12:46 PM

Through the OFS, the Government of India offered to sell up to 9,43,52,094 equity shares (representing 0.75% stake), with an option to sell an additional 0.75% stake or 9,43,52,094 equity shares in case of oversubscription.

Accordingly, the total OFS size was (base size + green shoe) 18,87,04,188 shares, representing 1.5% of outstanding equity shares of the company, the value of which (at floor price) aggregated to Rs 3,000 crore.

The Government of India held 60.41% stake in ONGC as of 31 December 2021.

The OFS opened on Wednesday (30 March 2022) for non-retail investors, while both retail as well as non-retail investors were allowed to subscribe on Thursday (31 March 2022). A total of 10% of the offer size was reserved for retail investors.

On Wednesday (T day), the OFS received subscription for 30,35,29,532 shares as against the general category offer size of 16,98,33,769 shares.

On Thursday (T+1 day), the OFS received subscription for 5,02,07,410 shares as against the retail category offer size of 1,88,70,419 shares.

The shares in the OFS were allotted at the price of Rs 159.80 per share to both the categories.

In an exchange filing made after market hours yesterday, ONGC said that the company would soon commercialize another Basin – the Vindhyan Basin. This would be the ninth producing Basin of India; the eighth by ONGC.

Exploratory well Hatta#3 was drilled with the objective to establish commercial potential through detailed testing to acquire reservoir-specific data. The Well Hatta#3 is in the Son valley sector of Madhya Pradesh.

On testing, the well-produced over 62,044 cubic meters per day gas, thus confirming the production potential of Proterozoic Basin for the first time in India.

ONGC is Indias largest integrated oil and gas company.

Its consolidated net profit surged 334.12% to Rs 10,931.61 crore on 45.27% rise in net sales to Rs 145,685.58 crore in Q3 December 2021 over Q3 December 2020.

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