The government has invited initial bids for engagement of adviser for divesting its remaining 26 per cent stake in IBP Co Ltd through a domestic offering route.

"The co-ordinator-cum-adviser would be required to advise on the timings and modalities of the capital market offer in order to ensure best returns to the government," divestment ministry said in its official website.

The interested parties are required to submit their bids by September 19, it said.

The divestment ministry officials could not be contacted for comments.

As per the eligibility criteria laid out by the ministry, bidders should have handled domestic equity issues in respect of issue size of more than Rs 100 crore (Rs 1 billion) in book building process.

IBP Co Ltd, a public sector undertaking under the administrative control of ministry of petroleum and natural gas, is engaged in manufacturing and marketing of industrial explosives, and marketing of petroleum products.

The paid up capital of the company is Rs 22.15 crore (Rs 221.5 million). Indian Oil Corporation holds about 53.5 per cent of equity in the company, government holds 26 per cent stake and institutions and the public hold the balance 20.4 per cent.