Cabinet Approved of ONGC’s Share Split

Dec 3, 2010, 11:41 IST

Oil and Natural Gas Corp's (ONGC) planned stock split was approved by the Cabinet.

The Indian Union cabinet on 1 December 2010 approved state-run explorer Oil and Natural Gas Corp's (ONGC) planned stock split. Ahead of a planned follow-on share sale ONGC had proposed a two-for-one share split to the government. The cabinet gave its nod to ONGC’s issuing of one free share for every one ONGC share held by stock holders. ONGC’s share sell is expected to be introduced in March 2011. The Indian government approved of a 5 percent stake sell in ONGC which is estimated to raise close to $3 billion.

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