New Delhi, March 10: The government plans to sell stake in blue-chips ONGC and SAIL in the April-June quarter.

The follow-on public offers of the two PSUs were earlier slated for this financial year. However, with the earnings from the 3G spectrum sale exceeding expectations and volatility hitting the stock markets in the wake of the crisis in West Asia, the finance ministry had deferred the stake sale to the next fiscal.

Top officials said the divestment in the two state-run companies would come at a time market analysts were expecting a rally.

“These are anyway shares for which both institutional and retail investors would have a great deal of appetite,” officers said.

ONGC is expected to generate around Rs 12,000 to Rs 15,000 crore from the stake sale.

Analysts said the issue was expected to perform well as the spike in global crude oil prices has helped the exploration firm and its books. However, the firm may have to share the subsidy burden of the oil marketing firms selling auto fuel below cost.

The government is divesting a 5 per cent stake in ONGC. After the offer, its stake in the Navratna firm will come down to 69.14 per cent from 74.14 per cent at present.

SAIL’s offering will comprise a fresh issue of 5 per cent equity as well as an offer for sale of 5 per cent government equity. The sale can raise an amount similar to what is expected from ONGC.