ONGC's $2.3bn deal smashes IPO record

Vast deal is India''s biggest ever equity offer.

Indian government officials are doing cartwheels through the Lok Sabha after raking in Rs106 billion $2.3 billion from the country's largest ever equity offer. The sale of a 10% stake in Oil Natural Gas Corporation has, in a single stroke, raised more money than the entire history of India's privatization effort.

In the run-up to elections the government is hoping this prodigious cash generation will demonstrate it is fit to govern for another term. It is, after all,...

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