Govt to offer up to 427.77 mn ONGC shares

The government will offer up to 426.77 million shares in state-run explorer Oil and Natural Gas Corp (ONGC) in a deal valued at about 110 billion rupees ($2.4 billion) at current market prices, a source with direct knowledge of the plans told reporters late on Monday.

The transaction is expected to be priced on Sept. 27, said the source, who couldn't be named because details aren't yet public.