ONGC Stake Sale Likely by Early December: Report

The government is planning to sell a 5 percent stake in state-run energy explorer Oil and Natural Gas Corp in the last week of November or the first week of December, two sources directly involved in the deal said on Wednesday.

The marketing roadshows for the share sale, worth around Rs 16,800 crore at current market price, are likely to start from Nov. 17 and will last for about a week, said the sources, declining to be named as the details are not yet public.

"There is a plan to hold roadshows in the US, London and Singapore from November 17 to 23 to attract global investors," said one of the sources.

The share sale is part of the Indian government's plan to raise over Rs 60,000 crore by selling assets during the current financial year ending in March 2015 to help plug its fiscal deficit.

Aradhana Johri, secretary at India's divestment department, which oversees government stake sale in state companies, was not immediately available for a comment.

Copyright: Thomson Reuters 2014