ONGC stake sale fetches Rs 12,666 cr, says FM

New Delhi: Terming the ONGC stake sale as "a great success", Finance Minister Pranab Mukherjee on Thursday night said the government has raised Rs 12,666 crore from auction of its 5 per cent stake in the oil major.

"It is a great success…Our latest figure (from auction of ONGC shares) is now Rs 12,666 crore, which comes to 98.3 per cent subscription," he told reporters here.

He said auction route to sell government stake in a PSU was a "highly experimental option", Mukherjee said it was "a great success".

The exchanges BSE and NSE, on whose platform the auction was conducted, in a joint statement said, "The ONGC offer for sale was completed today using the secondary market mechanism created by NSE and BSE.

"The final demand was for 42.04 crore shares against an offer of 42.77 crore shares."

The proceeds from the ONGC may come as relief to the government which is exploring different options to meet its Rs 40,000 crore disinvestment target for the fiscal.

Prior to ONGC, the government had divested its stake only in Power Finance Corp this fiscal to raise Rs 1,145 crore.