New Delhi: The Centre is likely to raise Rs 12,000 crore through disinvestment. Finance Minister Pranab Mukherjee led-Empowered Group of Ministers (EGoM) has approved 5 percent stake sales of the ONGC by the government on Tuesday. Stakes will be sold through a day-long auction process.

In the meeting, Petroleum and Natural Gas Minister Jaipal Reddy said that disinvestment process will be completed in next two days. Notices will be sent to different stock exchanges in this regard. Retail investors will be participating in the auction.  

According to sources, auction process will be completed on March 1. Floor price for ONGC shares will be decided on the basis of monthly average stock price. Floor price will be handed over to the exchanges in a sealed envelope and any prior information on it will not be given to bidders. ONGC’s share closed 1.02 percent up on Rs 283.55 on the Bombay Stock Exchange (BSE). The Government presently has 74.14 percent stakes in the ONGC. Earlier, Government had planned for 10 percent stake sales.

(JPN/Bureau)