HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk
Press Releases



Home > Business > PTI > Report

Decision on BPCL advisor in June

June 05, 2003 15:27 IST

The government is likely to finalise by the third week of this month, the advisor for divestments of Bharat Petroleum Corporation Ltd for which over half a dozen merchant bankers are in the race.

According to sources involved in the divestment process, a meeting of Core Group of Secretaries on Divestment may be held sometime in the middle of this month for clearing the name of the advisor for BPCL divestments following which the matter would come up before Divestment Minister Arun Shourie for approval.

Sources, however, did not comment on reports of D S P Merill Lynch and UBS Warburg combine emerging as the front-runners for managing the proposed domestic and ADR issue of BPCL.

Keeping in line with its plans to offload 10 per cent of its 66.2 per cent stake in the company through a domestic offer and 25.20 per cent stake through American Depository Receipt, the government in March invited bids from merchant bankers with specific expertise in divestment through capital market offerings to act as global coordinator and advisor.

In addition, five per cent stake would be offered to the employees in the corporation at concessional rates.



© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.





Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


8 in fray to be BPCL advisor



People Who Read This Also Read


BG keen to invest $1 bn

Coal India CMD suspended

Essar, Sterlite bid for SCI pie







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.