Govt to sell 5 per cent stake in ONGC by early December, say sources

The government is planning to sell a 5 per cent stake in state-owned energy explorer Oil and Natural Gas Corp (ONGC) 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 ONGC share sale, worth about US $2.8 billion at current market price, are likely to start from November 17 and will last for about a week, said the sources, who spoke on conditions of anonymity 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 government's plan to raise a record $9.5 billion by selling assets during the 2014-15 financial year ending March 31, 2015 to help plug the country's fiscal deficit.

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

(Reuters)