Besides UBS Securities, Kotak Mahindra Capital and HSBC Securities have also been shortlisted for the job, according to sources.
The disinvestment department has selected five merchant bankers, including Citigroup and ICICI Securities for managing the 5 percent stake sale of ONGC , which could fetch about Rs 18,000 crore to the exchequer.
Besides, UBS Securities, Kotak Mahindra Capital and HSBC Securities have also been shortlisted for the job, according to sources.
As many as 14 merchant bankers today made presentations before the disinvestment department for managing the ONGC stake sale.
Shares of ONGC today closed at Rs 428.75, up 0.45 percent over previous close on the BSE.
At the current market price, a 5 percent stake sale or over 42 crore would fetch about Rs 18,000 crore to the exchequer.
The merchant bankers would advise the government on the timing and the modalities of the Offer For Sale (OFS) and ensure best return to the government.
The government currently holds 68.94 per cent stake in ONGC.
The Cabinet nod for ONGC stake sale is expected shortly as the Petroleum Ministry has given in-principle approval for the stake sale. The government had last sold 5 per cent stake in ONGC in2012 for Rs 14,000 crore.
In the current fiscal the government plans to mop up Rs 43,425 crore from selling stake in PSUs.
ONGC stock price
On August 26, 2014, at 09:20 hrs Oil and Natural Gas Corporation was quoting at Rs 431.15, up Rs 2.40, or 0.56 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 26.72 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 16.14. The latest book value of the company is Rs 171.29 per share. At current value, the price-to-book value of the company is 2.52.
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