IPCL - A GOOD BEGINNING: The government's divestment drive in 2004 started with the public issue of the Reliance-controlled Indian Petrochemicals Corporation Ltd. The Centre shed its 24% residual stake in the company. The issue, which closed on February 27, was oversubscribed by 4.8 times.
The government, which fixed the offer price at Rs 170 per share, raised Rs 1,200 crore (Rs 12 billion) by selling 7.18 crore (71.8 million) shares of the company.
IPCL, which produces polymers, fibre and fibre intermediates and chemicals, is the second largest petrochemicals company in India after Reliance Industries Ltd.
Mukesh Ambani is the chairman of IPCL.
Divestment Minister Arun Shourie (C), Uday Kotak of Kotak Financial Services (L) and Mukesh Ambani (R), chairman of Reliance, watch a screen presentation at the launching of the government's offer for sale of its equity shares in IPCL.
Photo: Rob Elliott/AFP/Getty Images
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