The auction for sale of government's 5 per cent stake in ONGC today got bids for 29.22 crore shares worth about 8,500 crore rupees. It could fetch only about two-third of the targetted proceeds of over 12,000 crore rupees.Exchange officials said, at the end of the one-day auction, the auction got total bids for 29.22 crore shares, including 19.92 crore on the Natioanl Stock Exchange NSE and about 9.3 crore on the BSE platform. The final figure are yet to be put on the BSE web site.The government owns 74.14 per cent stake in ONGC and has proposed to sell 42.77 Crore shares or 5 per cent equity. It opted for sale through the auction at a floor price of 290 rupees, a piece. The bids were mostly in the price range of 290 and 293 rupees per share for the auction, which commenced at 9.15 AM today and closed at 3.30 PM.The government will have the right to either conclude the sale to the extent of subscription or cancel the sale, if the total number of orders received at or above the floor price being less than the number of shares being offered for sale. The shares will be allocated on 'price-priority' basis,meaning the bidders at highest price will be allotted shares.