'ONGC share split gets govt nod' - Hindustan Times

The government on Wednesday is understood to have approved a share split in oil and gas major ONGC and issue of bonus shares as a prelude to the company's follow-on public offer in March 2011. Sources said the Cabinet Committee on Economic Affairs (CCEA) approved splitting a share of ONGC with a face value of Rs 10 into two shares of Rs 5 each.

Oil Tanks India manufacturing facility.

State-owned Oil and Natural Gas Corporation (ONGC) had suggested to the government that the company's stock be split ahead of the FPO -- through which the government plans to sell 5% of its shares and expects to mop up Rs 10,800 crore.

Manufacturer of Diesel Tanks India.

ONGC had appointed two international auditors -- DeGolyer and MacNaughton and Gaffney, Cline and Associates -- to certify its oil and gas reserves.

Oil Tanks India manufacturing facility.

'ONGC share split gets govt nod' - Hindustan Times