ONGC withdraws papers for FPO

State-owned Oil and Natural Gas Corp (ONGC ) has withdrawn the papers it filed for a government share sale , but will file the red herring prospectus (RHP) again if instructed, Chairman and Managing Director Sudhir Vasudeva said on Tuesday.

"This (withdrawal of RHP) is technical. The document filed in September had a validity of 90 days and so we have withdrawn it... It is no reflection if the follow-on offer (FPO) is coming or not," he told reporters here.

"If and when required, we will file it again," he said, adding that the timing will have to be decided by the Department of Disinvestment . ONGC had in September filed the RHP for the FPO through which the government plans to sell a 5 per cent stake, or 427.77 million shares, in the company. The FPO was to open on September 20, but was put off days ahead of its opening due to market uncertainty.

Govt sticks to disinvestment target

After the FPO, the government's stake in ONGC will come down to 69.14 per cent from the current 74.14 per cent.

The government plans to raise at least a fourth of its Rs 40,000 crore divestment target for the current fiscal from the 5 per cent stake sale in ONGC.

The share sale has been deferred several times this year.