Eight renowned Indian and global merchant bankers will vie with each other on Friday to become the global advisors for the divestment of Bharat Petroleum Corporation.

The bankers have been asked to make their presentation before the divestment ministry, sources said.

Sources said the presentation exercise would be a day-long affair, but did not comment on the timeframe for appointment of the advisors.

The Cabinet Committee on Divestment had on January 26 decided in favour of public offer both in domestic and international markets for 35.2 per cent shares, while offering 5 per cent equity each to employees at a concessional price.

After the divestment, government equity in BPCL would be reduced to 26 per cent.

Asked if global consultants like Morgan Stanley, Merrill Lynch were in contention, the sources declined to comment.