In a bid to push ahead with the divestment process, the government on Monday invited initial bids for engagement of co-ordinator-cum-advisor to divest its residual stake in Indian Petrochemicals Corporation through a domestic offering.
"Government intends to divest the balance stake of 34 per cent of the equity shares of IPCL through domestic offering," divestment ministry said in an advertisement inviting expressions of interest for appointment of advisor.
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It has invited merchant bankers with specific expertise in divestment through capital market offerings to submit bids by October 31, for engagement as advisor for IPCL, where Reliance Industries last year acquired Centre's 26 per cent stake for Rs 1490 crore (Rs 14.9 billion) and currently holds 46 per cent following an open offer for additional 20 per cent stake.The move to engage an advisor comes after a Cabinet Committee on Divestment decision in July to sell government's remaining shares in five companies including Videsh Sanchar Nigam Ltd, IPCL and
Bharat Alluminium Company through public offer after seeking consent of the strategic partners in the erstwhile PSUs for the purpose.
