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Implementation Secretariat has completed all the formalities of evaluation and dematerialisation of the shares.

Hyderabad , Aug. 8

THE Implementation Secretariat (IS), which recently notified for sale of Andhra Pradesh Government's stake in five of the publicly listed companies, has received encouraging response from foreign institutional buyers and mutual funds and expects the process to be completed within a month once the evaluation committee approves the process.

In the case of VST Ltd., the IS has written to a few shareholders holding more than one per cent stake asking them to consider the divestment. They include two investment arms of BAT, ITC's subsidiary and some broking firms.

According to the IS the State Government's stake in the five companies on offer has enthused prospective buyers, including foreign institutional investors (FIIs), mutual funds, and leading share brokers, not just blue chip companies like Tata Motors but also Hyderabad Industries Ltd (HIL) and Sirpur Papers Mills Ltd (SPML).

In the case of Tata Motors, ACC, SPML and HIL, the Implementation Secretariat has given a public notice along with approaching FIIs, MFs and leading share brokers.

It may be recalled that the Cabinet sub-committee has cleared the strategy worked out by the IS with consultants. This chunk of disinvestment is expected to be completed within one month.

The IS has completed all the formalities of stock evaluation and dematerialisation of the shares and as per the time table, the interested parties will have to make the registration of interest by 4 p.m. on Tuesday, August 14.

The IS, will then, supply bid documents and other terms and conditions to the registered persons.

The IS on its part will accept the bid offer within two or three days and return the earnest money deposits to the unsuccessful bidders. The last date of receipt of offers with EMD for 25 per cent of purchase price has been set for August 29.

An evaluation committee will assess the offers. The IS had earlier completed the share valuation by professional consultants, which will be one of the reference prices that will form the basis for assessing the offers received for them.

Tata Motors (16,23,432 shares; 0.51%), ACC (7,59,712 shares; 0.44%), VST Industries (7,23,499 shares; 4.69%), SPML (5,29,131 shares; 6.35%), Andhra Pradesh Paper Mills (APPM) (30,00,000 shares; 25.36%), Hyderabad Industries (3,05,552 shares; 4.27%), Nagarjuna Fertiliser and Chemicals Ltd (NFCL) (1,94,79,990 shares; 4.68%) and Bakelite Hylam Ltd (BHL) (10,83,215 shares; 8.82%).

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