ONGC officials today acknowledged the further delay in its plan to sell shares through FPO. Issue of $2.5 billion was planned to open for public on September 20, 2011.
As per the notice submitted to stock exchanges 'the Selling Shareholder has decided not to proceed with the aforementioned Offer Programme and shall evaluate its decision in relation to the Offer in due course.'
This is not the first time when the FPO of ONGC was postponed. The public issue was initially planned to hit the market in March 2011 and since then it has been postponed several times for multiple reasons including poor equity market conditions across the world.
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