Government to disinvests 5% in ONGC

State-owned insurer Life Insurance Corporation (LIC) acquired the 5 per cent stake in ONGC offered for sale by the government through the auction route on March 2, 2012. The government announced that it had received an average price of Rs.303.67 fora share of the oil major, which is 4.71 per cent higher than the reserve price, to mop up a total of Rs. 12,766.75 crore.

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