ONGC share sale unlikely this fiscal

NEW DELHI |
Fri Nov 18, 2011 2:45pm IST

NEW DELHI (Reuters) – A follow-on share sale in state-run explorer Oil and Natural Gas Corp is unlikely to take place this financial year ending March 31, 2012, an oil ministry source said on Friday.

The government had decided to delay the share sale, valued at around $2.5 billion, due to poor market conditions.

The sale was to launch on Sept. 20.

(Reporting by Nidhi Verma; editing by Krittivas Mukherjee)

Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/A0LP4pfYGt0/idINIndia-60601720111118

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