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Govt lists public offers in 6 PSUs

Our Bureau

New Delhi , Feb. 6

THE Disinvestment Ministry has drawn up a schedule, prioritising the proposed public offers for sale of Government stakes in IPCL, CMC Ltd, IBP & Co Ltd, Dredging Corporation, ONGC and Gail in three stages spread over February and March.

According to the time-table prepared by the Ministry in consultation with the bankers and lawyers associated with the public offer transactions, the sale of residual Government equity of 24 per cent in Reliance-controlled IPCL would go off the blocks first on February 16, followed by the public issue in CMC Ltd (which was acquired by Tata Sons Ltd) on February 17.

In the second stage, the public offer of shares in IBP & Co Ltd (now a subsidiary of IOC) and the initial public offer of 20 per cent Government equity in Dredging Corporation will be carried out almost simultaneously.

The sale of 10 per cent Government equity each in ONGC and Gail will form part of the third stage — the ONGC issue will open on March 2 followed by Gail on March 23.

The Government had earlier planned to launch the public issue in Gail on February 23 followed by the ONGC offer on March 2. "In view of the change in the sequencing of the public offers in ONGC and Gail suggested by the Disinvestment Ministry, the fresh time-table would now be submitted to the Group of Ministers for approval," Ministry sources said.

As per the changes suggested by the Securities and Exchange Board of India (SEBI), the Ministry will submit the amended offer documents for the six public offerings to the market regulator in the next few days for its clearance and guidance letter.

All the six public offerings will be wrapped-up before the fiscal ends. The Government is banking heavily on the proceeds from the public offers to boost the disinvestment kitty which has been revised upwards from Rs 13,200 crore to Rs 14,500 crore in the revised estimates enunciated by the Finance Minister, Mr Jaswant Singh in the Interim Budget.

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Govt lists public offers in 6 PSUs



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