The offer for sale of 10 per cent equity in exploration major Oil and Natural Gas Corporation would open on March 5 and close on March 13, ONCG Chairman and Managing Director Subir Raha said in New Delhi on Monday.

Kicking off the roadshows for the public issue, he said the offer for sale, which is through the book building process, is for up to 14.25 crore shares of Rs 10 each and constitutes 10 per cent of the total paid-up capital of ONGC.

About 10 per cent of the total offer is reserved for permanent employees and wholetime directors of ONGC, while another 10 per cent is reserved for the shareholders of MRPL.

The net offer to the public is up to 11.40 crore (114 million) equity shares, of which 50 per cent would be allocated on a discretionary basis to Qualified Institutional Buyers, 25 per cent would be available for allocation on a proportionate basis to non-institutional bidders and about 25 per cent for allocation to retail bidders.

The minimum bid for retail individual bidders is 10 equity shares and government reserves the right to transfer the equity shares at differential lower price.

The price band/floor price would be announced at least a day prior to the bid opening date.

The book running lead managers are JM Morgan Stanley Pvt Ltd, DSP Merrill Lynch Ltd and Kotak Mahindra Capital Company.