The central government (CG) to sell a 1.5 per cent stake in Oil and Natural Gas Corporation (ONGC) to raise over Rs 3,000 crore through an offer to sell 94,352,094 equity shares, including an equal number of shares in a greenshoe option.

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“The floor price for the offer shall be Rs. 159,” the public sector enterprise said in an intimation to BSE on Tuesday.

“Offer for Sale’ for 1.5 per cent equity stake sale in ONGC, including 0.75 per cent Green Shoe option, opens tomorrow. A retail investor can bid on Thursday,” DIPAM secretary Tuhin Kanta Pandey said Tuesday on a Twitter post.

The proceeds will go to the government kitty, well below the Rs 78,000 revised target set for FY 22. So far, proceeds from disinvestment stand at Rs 12,423.67 crore, while those from dividends stand at Rs 55,972.96 crore.

A minimum of 25 per cent of the shares will be reserved for mutual funds and insurance companies, 10 per cent for retail investors, and 0.075 per cent for employees. Retail investors and employees will be able to buy at the lowest or cut off price, according to the document issued by ONGC.