ONGC FPO may hit mkt on March 15

NEW DELHI: The Rs 13,000 crore public offering of staterun ONGC is likely to hit the market on March 15,a government official said on Monday.A tentative schedule has been drawn for the follow-on public offer,as per which the first road show will be held in Chennai on February 2 and the offer will hit the market on March 15, the official said after the kick off meeting of the FPO here on Monday.

ONGC will file the red herring prospectus by February 25,by when it hopes to have five more independent directors on the board to meet the Sebi's listing norm.Government plans to raise Rs 13,000 crore through sale of 5% stake in ONGC.Last week,the government had appointed Bank of America Corp,Nomura Holdings,HSBC Holdings,JM Financial Services,Citigroup and Morgan Stanley to handle the FPO.

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