'Cannot call ONGC auction a failure based on the response'
The announcement follows a dramatic day that saw confusion prevail over numbers.
The Centre put its 5 per cent stake in Oil and Natural Gas Corporation (ONGC) on sale today, which garnered bids for 29.22 crore shares out of the total of 42.77 crore on offer. Here is the initial reaction on the auction.
Sudhir Vasudeva, ONGC Chairman:
Have no comments to make on the auction as it was decision of Dept of Disinvestment to divest 5 per cent. I have learnt from new channels that only 29.22 cr shares have been subscribed.
BSE Official Spokesperson:
Bids are being reconciled with the funds received. Once it is done the final numbers will be published.
Arun Goenka, Director and M&A Expert at ANG Financial Consultant:
We cannot call ONGC auction a failure based on the response as the management has the option to not accept the bids for the auction. It also has the option to reconsider the pricing of the auction.
RS Sharma, former chairman of ONGC:
Pricing should not have been higher than Rs 280 per share. However, I am comforted to hear that ONGC issue has been subscribed fully.
Avinnash Gorakssakar, Founder Director of Moneyinvestments.in:
The auction has been a complete disappointment, especially the way it was managed. The BSE website wasn’t updated live. It clearly leaves a sad taste. Even on the pricing front, Rs 270-290 price would have been better for bidders. If LIC had not come in the picture in the end, it would have been a big disappointing.
Raj Majumder, CEO of Auroch Investment Managers:
There seems to be an inordinate hurry to get the auction complete so that the money accrues before end of year. But the process had not gone down well