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Oil and Natural Gas Corporation (ONGC) may postpone its follow-on public offering (FPO) by a fortnight following difference in views on the issue price between the company and merchant bankers, said sources.
Sources said ONGC wants to price the issue at Rs 280 a share or more, while merchant bankers believe investors would prefer the issue at Rs 240-250.
ONGC, which had filed the offer document on September 7, was to hold the FPO conference in Mumbai on September 19. The FPO size was estimated at Rs 10,000-11,000 crore.
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