Financial Daily from THE HINDU group of publications
Tuesday, Feb 17, 2004

Cross Currency

Group Sites

Markets - Public Offer

IPCL road shows to begin today

Our Bureau

New Delhi , Feb 16

A WEEK-long road show for the public offer of Government's residual equity in Reliance-controlled IPCL would begin on Tuesday in Mumbai. The road show will continue till February 24.

The road shows would be held in the presence of Mr Arun Shourie, Disinvestment Minister, and Mr Mukesh Ambani, Chairman of Reliance Industries Ltd, which acquired management control of IPCL in 2002.

``From Mumbai, the road show will proceed to New York, Boston, San Francisco and Los Angeles.

Another team would go to Singapore and Hong Kong for the road shows,'' Ministry sources said.

Apart from Mumbai, IPCL road shows would be held in seven locations, including Ahmedabad, Chennai, Kolkata and Hyderabad.

The public offer, which is being conducted through the book-building route, would open on February 20 and close on February 27.

After selling its 26 per cent equity to Reliance Industries Ltd in 2002 for Rs 1,491 crore at Rs 231 per share, the Government is left with a residual stake of about 33.95 per cent stake in the petrochemical major.

Out of the residual stake, about five per cent would be given to the company employees, while the remaining 29 per cent stake would be sold in the market to qualified institutional buyers, non-institutional high net worth individuals and retail investors.

More Stories on : Public Offer | Petrochemicals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Welspun board to decide on equity issue

Initial gains not held
Alembic shoots up on bonus tonic
GlaxoSmithKline Pharma: Land sale kicker
Boehringer deal boosts Cadila
Strong order book propels Walchandnagar
BSES: Outlook positive, buy March futures
Auto stocks in the driver's seat
FII inflows to persist despite IPO rush, say brokers
IPCL road shows to begin today
Global Trust Bank mulls rights issue

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line