As per reports, the Oil and Natural Gas Corporation (ONGC) announced that 5% of the Company’s stakes would be put for a sale.

However, the company officials further claimed that after making a long wait, today finally they have filed the booklet for its much delayed Rs. 120 bn share auctions that was collaborated with the with the Securities and Exchange Board of India ( SEBI).

Moreover, the reports further asserted that the administration possess about 74.14% of the Company’s official ventures.

While, after a long hang around, finally on 20th September, the follow-on public offer (FPO) certainly would open its official proceedings.

Meanwhile, sharing his views about the Company plans, AK Hazarika, the ONGC Chairman accounted that recently the board members have given an approval for the red herring catalog, which is planned to be organized with the SEBI.

On the other hand, the reports further stated that the auction was a division of Government’s strategies to increase about $9 bn via share transactions in the communal division organization to assist its fiscal gap and produce more funds for schemes for the deprived firms.

In the meantime, the government officials recently picked Citigroup, Nomura Holdings, Bank of America Corp, HSBC Holdings, JM Financial Services and Morgan Stanley to administer the Company’s share transaction procedures.