ONGC, Gail stakes: Bids from merchant bankers invited
New Delhi: The Indian government has decided to cut short the time-consuming procedural steps involved in the appointment of merchant bankers/lead managers to help sell equity in ONGC and Gail within the remaining three months of the current fiscal. "The government has called for limited bids from merchant bankers who had participated in the last four privatisation cases with a view to appoint the lead managers and advisors to the 10 per cent domestic float in ONGC and GAIL this week," Disinvestment Minister Arun Shourie said.

The government had last week decided to offload 10 per cent of the equity each in ONGC and Gail in the domestic market in an effort to mop up big money from institutional and retail investors by riding on the stock market boom and meet the divestment target of Rs 13,200 crore for 2003-04.
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