Dubbing the success of public issue for sale of 10 per cent equity in Oil and Natural Gas Corporation as a "proud moment for India", merchant bankers Kotak Mahindra and Merill Lynch on Monday attributed it to the tremendous interest among Indian and global investors and thanked the Securities and Exchange Board of India for its help.

Also Read Govt beats selloff target, ONGC bags Rs 10,500 cr ONGC offer price at Rs 750 per share

"There was enough appetite in the market and the ONGC issue satisfied it to some extent... otherwise the (stock) markets could have been overheated...this was the right time for the issue," DSP Merrill Lynch Chairman, Hemendra Kothari told PTI in New Delhi.

"The (permission for issuing) participatory notes was a big help...we are thankful to Sebi...this instrument enabled us to attract some of the big global energy and oil funds," Kothari said, but declined to name the funds.

Uday Kotak, chairman of Kotak Mahindra, the lead manager for the public offer said: "ONGC (success) is a proud moment for India, Indians and Indian capital market. We have come a long way from the Rs 1,000 crore (Rs 10 billion) Maruti issue to the Rs 10,000 crore (Rs 100 billion) ONGC issue."

"The total bids received for the issue are valued at Rs 60,000 crore (Rs 600 billion) making it the largest ever oversubscription for the biggest ever issue of India's biggest company," Kotak told PTI.

The government today offered to sell its 10 per cent stake in ONGC for Rs 750 a piece raising Rs 10,500 crore (Rs 105 billion) in the process and thus overshooting this years revised divestment target of Rs 14,500 crore (Rs 145 billion).