ONGC's objection may hit Cairn's IPO
Oil major ONGC, a 30% equity partner with Cairn Energy in the Barmer oil blocks, has shot off a letter to the market regulator Sebi objecting to some of the disclosures made in the draft red hearing prospectus (DRHP) filed by Cairn India for its forthcoming public issue.
ONGC has written to Sebi, objecting to what it describes as “partial disclosure of facts” which it says is impacting the credibility of its subsidiary MRPL.
Speaking to ET, ONGC CMD R S Sharma said: “We have drawn the attention of Sebi and have asked for full disclosures instead of partial facts which is impacting MRPL’s credibility.” The Cairn India IPO is set to open on December 11 and it remains to be seen what happens over the next few days, given the objections raised by ONGC.
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ONGC has written to Sebi, objecting to what it describes as “partial disclosure of facts” which it says is impacting the credibility of its subsidiary MRPL.
Speaking to ET, ONGC CMD R S Sharma said: “We have drawn the attention of Sebi and have asked for full disclosures instead of partial facts which is impacting MRPL’s credibility.” The Cairn India IPO is set to open on December 11 and it remains to be seen what happens over the next few days, given the objections raised by ONGC.
To Read More Click Here
posted by SY at 3:09 PM
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