Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Petroleum Industry & Economy - Disinvestment ONGC, Gail: Govt calls for bids from merchant bankers Our Bureau
New Delhi , Dec. 29 THE Government has decided to cut short the time-consuming procedural steps involved in the appointment of merchant bankers/lead managers to help sell equity in ONGC and Gail within the remaining three months of the current fiscal. "The Government has called for limited bids from merchant bankers who had participated in the last four privatisation cases with a view to appoint the lead managers/advisors to the 10 per cent domestic float in ONGC and GAIL this week," the Disinvestment Minister, Mr Arun Shourie, told reporters on Monday. The Government had, last week, decided to off-load 10 per cent of the equity each in ONGC and Gail in the domestic market in a bid to mop-up big money from institutional and retail investors by riding on the stock market boom and meet the divestment target of Rs 13,200 crore for 2003-04. Mr Shourie also said that the sale of residual Government stakes in privatised PSUs such as IPCL, IBP, CMC in the domestic market as well as the initial public offering in Dredging Corp of India will hit the market in January or February.
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