The Centre is looking to wrap up a stake sale in ONGC by January. The Cabinet Committee on Economic Affairs (CCEA) had approved the disinvestment in September. The Centre intends divesting 5 per cent, or over 42.77 crore shares, in ONGC. Based on the last closing price of Rs 349.30, the Centre can mop up about Rs. 14,900 crore from the sale. Currently, it holds 68.94 per cent in ONGC. Earlier this month, the Centre had sold 5 per cent of its equity in Steel Authority of India Ltd (SAIL). The offer was oversubscribed more than two times. ONGC´s share sale is critical for the Centre´s fiscal health as tax collections have been tepid. The Centre will use the offer-for-sale route through stock exchanges (known as the auction method) for the share dilution. It will set aside a higher quota for retail investors.
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