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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.

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