02 Nov 2010;timesofindia.indiatimes.com:NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it has suggested to the government that the company's stock be split ahead of a planned follow-on public offering in March 2011. "We would like that ONGC is widely held. It would be better to have more retail investors . The current price of over Rs 1,300 is a case for share split," ONGC chirman and MD R S Sharma said on the sidelines of the Petrotech-2010 oil and gas conference here. ONGC, he said, has sent its written recommendation for a share-split to the government. "Today, ONGC is priced at Rs 10 per share. We have suggested that it can be split into two," Sharma added. He said that ONGC will be ready for an FPO in last quarter of current fiscal. "We are in readiness. We know the process and will not be found wanting." Besides, Sharma said the process of appointing five independent directors on the ONGC board is on and the company will shortly meet the market regulator Sebi's listing requirements. ONGC has six functional directors besides chairman and managing director. It also has two government-appointed nominee directors taking the total strength to nine.
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