The government said on Saturday that the public offer of state-owned gas transmission company Gas Authority India Ltd would hit the market on February 27 followed by Oil and Natural Gas Corp public float on March 5.

"After a detailed meeting with the stock exchanges and merchant bankers on Friday, it has been decided that GAIL public offer would now open on February 27," divestment secretary Dhirendra Singh told PTI when asked about the new schedule drawn up by the government.

The Divestment Development: Complete Coverage

As per the revised schedule chalked-out on Friday, GAIL public offer would now precede ONGC's IPO, which is slated for March 5, in order to enable the government to complete the six IPOs by March 13.

Sources associated with the process said initial placement of GAIL IPO for March 13 may not have given enough time for completing the procedural formalities.

"There needs to be enough time for shares to get listed, and also there are formalities with various stock exchanges, and work to be done by the registrar of the issues," sources said adding that there were concerns that the original schedule of IPOs may not have left sufficient time for completing all these procedures in a proper manner before March 31, 2004.

As per the new schedule, IPCL public offer would open on February 20, while that of CMC would hit the market on February 23.