According a fast track status to the sale of 10 per cent equity each in Oil and Natural Gas Corporation and Gail, the government on Monday said that the financial advisors cum lead managers would be appointed by this week for the two issues, for which the Securities and Exchange Board of India had given a favourable response.
"We have asked the shortlisted bidders in the last four divestment cases to submit their bids in two three days...we should complete the appointment (financial advisors for ONGC and Gail) by this week if we have to complete the process during the current financial year," Divestment Minister Arun Shourie told reporters in New Delhi.
The proposal for divestment of 10 per cent equity in the two oil PSUs had come from the petroleum ministry, Shourie said, adding that many of the procedural delays in decision making would be cut by taking the consent of group of ministers either in a meeting or through a circular route.
Asked about the meeting of his ministry officials with Sebi chief G N Bajpai on the issue, Shourie said: "The response was positive. It can be done (during the current financial year). Sebi chief has told that good issues (IPOs) should be brought when the market is good."
While exuding confidence about the success of the ONGC and Gail issues, the minister, however, did not rule out the possibility of floating an overseas ADR issue.
"We have not ruled out an ADR. If financial advisors and Sebi feel that there is not much depth in the market then we will go back to the CCD... these things have been left open," he said.