Affiliate companies of the Reliance Group in India yesterday sold out their entire 0.6% stake in Oil and Natural Gas Corporation ONGC. Under the sole books of Citigroup, the deal was priced at Rp845.1 a share, a 2.5% discount to the previous day's close of Rp866.75. The sale of 8.6 million shares raised some Rp7.3 billion $166 million.
The deal was upsized from an initial level of 6 million shares but priced at the bottom of the 0%-2.5% discount range. The deal was launched at the close of Indian trading on Tuesday and crossed at yesterday's open.
Allocations saw 45 institutions come into the deal...
