Oil and Natural Gas Corp.’s (ONGC) follow-on $2.5 billion share sale may be launched on September 20, Reuters reports. The sale of a 5 percent stake by the Indian government, which was initially scheduled for March, was delayed due to market turmoil.
The state-run explorer appointed Bank of America Merrill Lynch, Citi, HSBC, JM Financial, Morgan Stanley and Nomura to manage the issue. The sale is part of a broader proposal to raise about $9 billion via share sales in public sector companies this fiscal year.
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