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IPCL offer documents filed
February 12, 2004 21:08 IST
The sale documents for public offer of government's residual equity in Indian Petrochemicals Corporation Ltd has been filed with the Registrar of Companies.
"The documents for IPCL have been filed with the Registrar of Companies. We hope to file the documents for CMC, Dredging Corporation of India and IBP in quick succession early next week," sources associated with the process told PTI in New Delhi.
The Divestment Development: Complete Coverage
As per the tentative time schedule drawn up by the ministry of divestment, IPCL and CMC public offer are expected to hit the market between February 16 and February 24, followed by IBP and Dredging Corporation of India between February 26 and March 2.
The mega-public offers of the two oil companies, Oil and Natural Gas Corp and Gas Authority of India, have been scheduled for March.
While ONGC public offering for sale of 10 per cent government equity in the market would take place between March 3 and March 12, GAIL public offer is slated to open on March 13 and close on March 19.
The six public offerings lined up over the next few weeks are expected to help the government surpass its divestment target of Rs 13,200 crore (Rs 132 billion) for the current financial year and garner close to Rs 14,500 crore (Rs 145 billion) this year.