The Hindu Business Line : AP calls fresh bids for HIL stake

IN the wake of renewed interest, the Andhra Pradesh Government has decided to conduct the bid process once again for the divestment of its stake in the Hyderabad Industries Ltd (HIL). It has called for fresh bids for sale of 3,05,552 shares of the company.

The Implementation Secretariat (IS) has issued a public notice offering the shares for sale and has invited the attention of top 10 financial institutions, merchant bankers along with those HIL shareholders who own one per cent or more stake in the company to participate.

The Government's stake in HIL is 4.27 per cent, which it proposed to offload. However, in round one, though 5 registrations of intent were received, no bids emerged in the final count. For the fresh round, the IS has fixed September 25 as the last date for registering interest through email and September 24 for hard copy. The offers to purchase the Government stake in HIL can be submitted up to October 7 and the bids would be opened the same day.

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