The Hindu Business Line : Nalco domestic offer in Oct; ADR in Feb

THE Government has indicated an October date to sell 10 per cent Government stake in National Aluminium Company Ltd (Nalco) in the domestic market followed by a 20 per cent ADR offering in next February, with a strategic sale of 29.15 per cent slated roughly around the same time.

"The domestic/ADR offer will be completed first, followed immediately by strategic sale'', the Disinvestment Minister, Mr Arun Shourie, said.

The Cabinet Committee on Disinvestment (CCD) has approved the commencement of the process of strategic sale of Nalco simultaneously with the domestic/ADR issues.

The Government has appointed ABN Amro-Rothschild/Enam as the global coordinator-cum-advisor while JP Morgan/ICICI Securities has been made the joint global coordinator.

It will shortly appoint a domestic legal counsel for the domestic offer and the strategic sale while an international legal counsel will be hired for the ADR offering.

Besides, it would appoint an international accountant to look after the work of converting the accounts of Nalco for the last five years into the US GAAP, a mandatory requirement for listing shares on the New York Stock Exchange, the officials said.

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