An inter-ministerial group on divestment of oil refiner Bharat Petroleum Corp Ltd on Wednesday favoured brining public issue for sale of government's 35 per cent stake in February next year.
The IMG favoured selling 10 per cent of the government's equity in BPCL in the domestic market and 25 per cent through ADR/GDR route, sources said.
"The domestic and overseas floats will happen almost simultaneously and separate set of legal advisors for both the offerings would now be appointed for due diligence," sources said.
Besides, auditors would be appointed within a month to advise BPCL on financial compliance with stringent US Securities Exchange Commission guidelines for the float.
"The whole process of getting clearances from Securities and Exchange Board of India (for the domestic offering), SEC clearance and BPCL complying with US GAAP accounting standards will take 6-months time," they said.
Sources, however, said the advisors for the divestment process have suggested a flexible timetable for the public offering that could be adjusted to the schedule for legal and financial clearances and compliances as also the most favourable market conditions.
