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, the first government to ever meet its privatization revenue target. The proceeds will cut the fiscal deficit from 5.6% last year to 4.8% in the year ending March 31, just days before the election.

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