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The disinvestment of Government’s five per cent stake in ONGC, through the offer for sale (OFS) mechanism, is set to be completed by September-end, a senior official of Finance Ministry said. The Government holds 68.94 per cent stake in the company. The Government is likely to mop up around ₹18,250 crore through the stake sale according to ONGC’s closing price of ₹428.75. On Monday, 14 merchant bankers made presentations before the Department of Disinvestment. Five legal firms also made presentations. The CCEA is expected to take up the issue at its meeting on August 27.
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