Govt seeks to empanel merchant bankers, advisors for share sales

The government is looking to empanel merchant bankers and legal advisors for divestment of its shareholding through sale of shares in stock markets. The Department of Investment and Public Asset Management (DIPAM) has invited bids from merchant bankers and legal advisors who would be appointed for a period of two years, extendable for one year, to assist the government in selling its shareholding in companies through an offer for sale (OFS). Merchant bankers will have to advise the government on the timing and the modalities of the OFS, and structuring the transaction in conformity with the existing framework of Securities and Exchange Board of India (SEBI). They will also be required to conduct market survey, domestic and international road shows to generate interest amongst prospective investors, and arrange meetings with the key investors.