Govt plans to offload up to 10% stake in ONGC

Report stated that this would make it much bigger than the Coal India initial public offering (IPO) of 2010. The Government is planning to offload up to 10% stake in ONGC, that would raise as much as Rs 35,000 crore at current market prices, according to reports. Report stated that this would make it much bigger than the Coal India initial public offering (IPO) of 2010. The process of appointing merchant bankers will soon be initiated, says report. The government currently holds a 68.94 per cent stake in the explorer. In 2012, the sale of a 5% stake in the company had fetched the government around Rs 12,000 crore, stated reports.