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This is an archive article published on June 16, 2011

ONGC FPO likely in July

The offering is expected to raise up to $2.8 billion.

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A share sale in state-run explorer Oil & Natural Gas Corp is likely to be in July as expected,Divestment Secretary Sumit Bose said on Thursday.

The offering,expected to raise up to $2.8 billion,is part of a wider plan by the government to sell stakes in about 60 state-run firms over the next few years to cut its fiscal deficit and garner funds for social welfare programmes.

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