The selection of merchant banker to manage the sale of government's 10 per cent stake in bluechip Indian Oil Corp (IOC) has been postponed, the Finance ministry said today.
Merchant bankers were earlier scheduled to make their pitch tomorrow for selection as manager to the public offer, but the event has been postponed with no new dates intimated. The Department of Disinvestment (DoD) had on January 21 invited bids from merchant bankers to manage the share sale of PSU oil retailer.
They were to submit their bids by yesterday. In a notice posted on the website, the DoD said the meeting of the Inter-Ministerial Group (IMG) for selection of merchant bankers and legal advisors for IOC "stands postponed". The qualified interested bidders were scheduled to make a presentation of their credentials before the IMG, which is chaired by the Disinvestment Secretary.
The bankers for managing PSU stake sales are chosen based on their past performance in public offerings as well as sector expertise, experience and understanding of the company.
The DoD has already circulated a draft note for the consideration of the Cabinet Committee on Economic Affairs (CCEA) for sale of 10 per cent out of government's 68.57 per cent stake in IOC. At the current market price of Rs 334.75 apiece, selling of 24.27 crore IOC shares could fetch the exchequer over Rs 8,000 crore.
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