Govt invites bids from merchant bankers for ONGC stake sale

The Department of Disinvestment has kickstarted the process of 5 per cent stake sale in ONGC and invited bids for appointing merchant bankers to manage the share sale, which could fetch over Rs 17,700 crore to the exchequer. The government currently holds 68.94 per cent stake in ONGC.

The merchant bankers would advise the government on the timing and the modalities of the offer for sale (OFS) and ensure best return to the Government, the DoD said while inviting bids. The Department of Disinvestment (DoD) will appoint up to five merchant bankers to manage the OFS and the bidders will have to submit bids by August 6.