Govt considers selling 5% stake in ONGC: Sources

"The department of divestment has floated a note seeking our comments for a 5 percent stake sale in ONGC," the official, who had direct knowledge of the matter, told Reuters on Tuesday. He added that a decision would be taken in August.

The government will decide next month whether to sell a 5 percent stake in state-run Oil and Natural Gas Corporation (ONGC), a senior oil ministry official said, in a deal that would be worth USD 2.9 billion at current market prices.

If completed, the sale would raise nearly a third of the target for privatisation revenues announced last week in Prime Minister Narendra Modi's first budget, which seeks to curb the fiscal deficit and nurse the weak economy back to health.

An official at the finance ministry, which houses the divestment department, said the government was interested in selling stakes in ONGC and other state companies given their high market valuations. He did not elaborate.

ONGC stock price

On July 15, 2014, at 14:10 hrs Oil and Natural Gas Corporation was quoting at Rs 408.80, up Rs 6.50, or 1.62 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 234.40.

The company's trailing 12-month (TTM) EPS was at Rs 25.83 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.83. The latest book value of the company is Rs 171.29 per share. At current value, the price-to-book value of the company is 2.39.

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