LIC stake in ONGC rises to 9.5 percent after auctionMarch 5th, 2012 - 5:42 pm ICT by IANS
Mumbai, March 5 (IANS) The government-run Life Insurance Corporation of India picked up 37.71 crore shares of Oil and Natural Gas Corporation (ONGC) in an auction last week taking its total stake in the company to 9.47 percent, a company statement said Monday.
LIC picked up 4.40 percent or 37,71,07,488 shares of ONGC in the auction held March 1, ONGC said in a regulatory filing to the Bombay Stock Exchange.
Before the auction, LIC stake in ONGC was 5.06 percent.
The government last week raised Rs.12,766.75 crore by divesting its 5 percent stake in ONGC through a stock market auction, the first ever in any public sector undertaking.
The auction was termed a failure because the government had reportedly forced LIC to bid for the shares at the last moment in view of a cold response from the private investors.
The company’s data now confirms it. Out of the valid bid of 42.77 crore shares, 37.71 crore or 88 percent was picked up by LIC.
- Bids worth Rs.12,766.75 crore received for ONGC shares - Mar 02, 2012
- ONGC scrip soars after government nod for stake sale - Feb 29, 2012
- 10 percent NBCC divestment okayed - Aug 11, 2011
- ONGC approves share split, bonus and special dividend - Dec 16, 2010
- Government allows state-owned firms to buy back shares - Mar 01, 2012
- HDFC Bank third quarter net profit up 31.2 percent - Jan 19, 2012
- ONGC likely to divest five percent by March 2011 - Nov 18, 2010
- BHEL bags Rs.774 crore contract from ONGC - Feb 27, 2012
- LIC Housing Finance profit falls by 11 percent - Jul 24, 2012
- Government to raise Rs.4,000 crore by selling stake in SAIL (Lead) - Jul 20, 2012
- UBI to raise Rs.3.1 bn via preferential allotment - Mar 19, 2012
- EGoM fails to decide on ONGC, BHEL stake sales - Feb 15, 2012
- ONGC to start two petrochemical projects by 2013 - Aug 30, 2011
- ONGC quarterly net profit rises 60 percent - Nov 04, 2011
- LIC Housing Finance quarterly profit up - Jan 30, 2012
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