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Ministry seeks details from TCIL on IPO
Our Bureau
New Delhi
,
Feb. 5
THE Disinvestment Ministry has asked for details from Telecommunication Consultants India Ltd (TCIL) on its proposed initial public offering (IPO), which is expected to hit the markets in the next couple of months.
According to Mr G.D. Gaiha, Chairman and Managing Director, TCIL, the PSU has given initial letters to the Ministry about the proposal and will now submit its views on the mode of IPO and the amount of equity to be shed.
Speaking to newspersons after signing a memorandum of understanding here with the Jharkhand Government for implementing the State-wide information and communication network, he said the Ministry wanted to know whether the IPO would be through a book-building route or a normal one.
Mr Gaiha also said the company has decided to sell its entire 30 per cent equity in Hexacom India, the cellular services provider in Rajasthan, also part-owned by Shyam Telecom and TIW Canada, and is awaiting Government nod in this regard.
"We plan to shed our 30 per cent stake in Hexacom, but we also need to identify the avenues for re-investing the amount in foreign markets. This will be done as per Government procedure," he said.
Although Bharti TeleVentures had signed an agreement with TIW to buy out its 27.5 per cent stake, Shyam Telecom, which has 40 per cent stake in the company, has used its first right of refusal and offered to buy out the stake instead. TCIL may therefore have no option but to sell out to Shyam, because Bharti has indicated that it will start fresh cellular services in the circle.
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