Jan 16, 2014, 06.59 PM IST
In an interview to CNBC-TV18, Sudhir Vasudeva, CMD, ONGC spoke about the EGoM approving a 10 percent government stake sale in Indian Oil Corp (IOC) to ONGC and OIL and the road ahead.
Tags Oil and Natural Gas Corporation, Indian Oil Corporation, Oil India
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No lock-in period for IOC shares, says ONGC CMD
In an interview to CNBC-TV18, Sudhir Vasudeva, CMD, ONGC spoke about the EGoM approving a 10 percent government stake sale in Indian Oil Corp (IOC) to ONGC and OIL and the road ahead.
Like this story, share it with millions of investors on M3
No lock-in period for IOC shares, says ONGC CMD
In an interview to CNBC-TV18, Sudhir Vasudeva, CMD, ONGC spoke about the EGoM approving a 10 percent government stake sale in Indian Oil Corp (IOC) to ONGC and OIL and the road ahead.
Below is a verbatim transcript of the interview
Q: We just have the news that the Empowered Group of Ministers (EGoM) has approved a crossholding route for IOC's divestment and we understand ONGC and Oil India will be picking up stake. Could you confirm the news and how this is going to be worked out? Will it be 50:50 ratio or 60:40 ratio?
A: I am not privy to the discussion which has taken place in EGoM, but my understanding is probably it could be 50:50.
Q: Could you take us through the timeline in which this block deal will be completed?
A: It would be as early as possible. I am not aware of what the timeline which are being discussed, but since the Government of India needed this disinvestment of IOC to be done and this fiscal it has to be in between the se two months of February and March.
Q: Will this in anyway hurt your expansion plans or your cash book balance?
A: Not at all. We have sufficient funds to purchase this. All we wanted from the government was that there should not be any lock-in period which has been agreed. Whenever we need this money, we can always sale these stakes and then we can raise the cash which we need for our purpose.
ONGC stock price
On January 16, 2014, Oil and Natural Gas Corporation closed at Rs 287.00, down Rs 4.3, or 1.48 percent. The 52-week high of the share was Rs 354.10 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.9. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.97.
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