Domestic, ADR issues of Nalco likely to be issued by yearend
By Our Markets Bureau | 24 Jun 2003
New
Delhi: The domestic and American Depository Ratio
(ADR) issues of National Aluminium Company (Nalco) to
sell the government stake in the company are likely to
hit the market around November-December 2003, says a senior
disinvestment ministry official. "We are working
towards completing the public offer of shares in Nalco
by November-December."
The company''s audited annual accounts are likely to be made available by July 2003, after which the work on converting the data into Indian GAAP for the domestic offering and US GAAP for the ADR issue will be initiated.
This will be followed by the filing of the draft prospectus with the Securities and Exchange Board of India and the Securities and Exchange Commission of the US for securing their approvals for the domestic and ADR issues.
The Cabinet Committee on Disinvestment had decided to sell 10 per cent of the government shares in Nalco through domestic, 20 per cent through ADR offerings and 29.15 per cent through strategic sale to bring down the equity in the company to 26 per cent from the current level of 87.15 per cent.