The non-retail portion of Oil and Natural Gas Corporation’s (ONGC) Offer-For-Sale (OFS) issue was subscribed over 357 per cent on Wednesday as per the data available on the BSE. The issue, which opened today has a floor price of Rs 159.

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The non-retail portion of ONGC OFS received 127,673,688 equity shares bid as against 84,916,884 equity shares offered. The retail portion as per the company’s filling to open on March 31, 2022. 

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According to the filing, the government this week will sell up to 1.5 per cent of its stake in the oil and gas producer ONGC to raise about Rs 3,000 crore. The OFS will be active on March 30 and 31, 2022  

"The promoter (the government) proposes to sell up to 94,352,094 equity shares of the company, (representing 0.75 per cent of the total paid-up equity share capital of the company) on March 30, 2022 (to non-retail investors) and on March 31, 2022 (to retail investors) with an option to additionally sell 94,352,094 equity shares (in case of oversubscription)," the company said in a filing. 

The floor price for the OFS has been set at Rs 159 per share, which is at a 7 per cent discount to the Rs 171.05 stock closing price of ONGC on the BSE on Tuesday. The stock on Wednesday slipped by nearly 5 per cent to Rs 162.6 per share on the BSE intraday trade. 

The government owns a 60.41 per cent stake in ONGC which produces half of India's oil and gas. 

In the OFS, a minimum of 25 per cent of the shares are reserved for mutual funds and insurance companies while 10 per cent earmarked for retail investors. 

ONGC employees can apply for shares worth up to Rs 5 lakh each, the filing said, adding that 0.075 per cent of equity shares sold in the OFS would be offered to eligible employees at the cut-off price.