ONGC Defers Follow-On Share Sale
NEW DELHI -- State-run Oil & Natural Gas Corp. Friday deferred India's sixth-largest-ever public share sale because of what analysts said was a pricing disagreement between the government and the planned offering's managers.</br></br>The more than $2 billion secondary share sale was seen as being crucial to testing investor appetite in one of the world's worst-performing stock markets this year.</br></br>The sale is vital also for the federal government's aim to raise 400 billion rupees ($8.42 billion) for social projects through the sale of state assets in the current financial year through March.</br></br>So far, the government has managed to raise only 11.5 billion rupees, or only 2.9% of the full-year's aim, and there was talk in late August that the target may be cut to 250 billion rupees because of market volatility.</br></br>Friday, ONGC didn't give a reason for the deferment, which comes just four days ahead of its planned opening on Sept. 20. And it didn't give revised dates as well, saying only that it will "evaluate its decision in relation to the offer in due course."