India’s Oil & Natural Gas Co. (ONGC) will offer a 5% stake in the company (about 428 million shares) tomorrow at a 2.3% premium to the share price at closing on Tuesday. The minimum per share price will be 290 rupees (about $5.91).
The Indian firm expects to raise $2.5 billion which appears to be headed into the country’s treasury to help meet a budget deficit target of 4.6% of India’s GDP. The Indian government owns 74% of ONGC.
Indian citizens have opposed the sale of the country’s assets to meet budgetary targets. Unions and government employees fear job cuts as a result of the sales.
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