Pursuant to the decision of the Government of India to divest 10% of the equity share capital of Indian Oil Corporation Ltd from the shareholding of the President of India to ONGC and OIL, the matter was deliberated by the Board of Directors of ONGC. Accordingly, in terms of approval of the Government of India and the Board of Directors of the ONGC, 5% equity shares of Indian Oil Corporation Limited amounting to 12,13,97,624 equity shares of Rs. 10 each fully paid up have been acquired in an off-market deal by Oil And Natural Gas Corporation Limited @ 220/- per share. The consideration amount of Rs. 2670,74,77,280/- has been paid to the Government of India today. Necessary disclosures in this regard have been submitted to Stock Exchanges etc.

About ONGC

ONGC’s market capitalisation as on 14th March, 2014 was INR 2,76,085 Crores. It is the highest valued and the highest profit making Government of India enterprise. In the financial year ended 31 March 2013, ONGC Group had produced 58.7 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.2 mmboe per day), Turnover of INR 165,849 Crore (US$ 30.45 billion) and profit after tax of INR 24,220 Crore (US$ 4.44 billion). ONGC Group had total oil and gas reserves of 1,759 mmtoe as on 31 March 2013.For more information visit: www.ongcindia.com