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Transcript of Dod- Final Report
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Private&Confidential
September2011
DisinvestmentbyGovernmentCompaniesAProcessKeynoteCorporateServicesLimited
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DisclaimerThis document is for illustration purpose only. This is a compilation of information relating todisinvestmentprocessbyGovernmentofIndiaandvariousmethodologiesadapted/tobeadaptedforthe said purpose. This contains certain historical data obtained from authenticated sources availablepublically.KeynoteCorporateServicesLimited(Keynote)doesnotguaranteethecorrectnessforthesaiddata.This isaimedatprovidinggeneral informationaboutthedisinvestment,theprocess,thedataondisinvestmentsmadeinIndiabyPublicsectorUndertakings(PSUs)tilldate.Nothingcontainedhereinis,orshallberelieduponasapromiseorrepresentation.Anyreproductionofthe contents of this presentation in whole or in part, or disclosure to the third parties of any of itscontents,withoutpriorwrittenconsentofKeynoteisprohibited.Keynotedoesnotmakeanyexpressedor implied representationorwarrantyandno responsibilityorliability is accepted by the Company with respect to the accuracy, completeness or the underlyingassumptionsonwhichtheyarebased,orachievingreturnsasperthetermssetouthere.
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TableofContents1 Introduction 1
2 DifferentApproachestoDisinvestments 3
2.1
Minority
Disinvestment
3 2.2 MajorityDisinvestment 3
2.3 CompletePrivatization 3
3 DisinvestmentsAhistoricalPerspective 4
3.1 Periodfrom199192to200001 4
3.2 Periodfrom200102to200304 5
3.3 Periodfrom200405to200809 5
3.4 200910onwards 5
4 TheProcessofDisinvestment 6
4A
Comparison
of
Process
of
making
Public
Offering
by
non
Government
and
Governmentcompanies 9
5 PreparingaPSUforDisinvestment 10
5.1 EligibilityNorms 10
5.2 AlternativeNorms 11
5.3 Exemptionstocertaincategoryofentitiesfromtheeligibilitynorms 11
5.4 FastTrackIssue 11
5.5 MinimumPublicShareholding&RelaxationsgiventoPublicSector
Companies
12
5.6 CorporateGovernanceRequirements 12
5.7
Other
Key
Steps
13
6 ExceptionsgiventoGovernmentCompaniesunderSEBIICDRRegulations 14
6.1 Eligiblesharesforoffer(regulation26(6)) 14
6.2 Facevalueofequityshares(31(1b)) 14
6.3 Securitiesineligibleforminimumpromoterscontribution(33(1b)(iii)) 15
6.4 Minimumoffertopublic(41(2)) 15
6.5 FinancialinformationofGroupCompanies(disclosuresunderScheduleVIII
PartA)
15
6.6 Outstandinglitigationsinvolvingthepromoterandgroupcompanies
(disclosuresunder
Schedule
VIII
Part
A)
15
7 Marketing&sellingstrategy 16
7.1 MarketingStrategy 16
7.2 SellingStrategy 16
8 Conclusion 18
A Annexure1 DisinvestmentbyGovernmentCompaniestilldate 19
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1. Introduction
1.1 For the first four decades after Independence, the country was pursuing a path of
development in which the public sector was expected to be the engine of growth. The
decade beginning 1990 also commenced implementation of ambitious growth plan of
Government of India on principles of Liberalization, Privatization and Globalization. Bythen, the public sector had overgrown itself and some of its shortcomings started
manifesting in low capacity utilization and low efficiency due to over manning, low
work ethics, over capitalization due to substantial time and cost over runs, inability to
innovate, take quick and timely decisions, large interference in decision making process
etc. Hence, a decision was taken in 1991 to follow the path of Disinvestment.
1.2 The process of disinvestment of Public Sector Undertakings (PSU) was started by the
Government in 1991-92. Different methodologies for disinvestment were adopted from
time to time such as
Auction Method or Partial Disinvestment in favour of mutual funds andfinancial institutions in the public sector,Initially disinvestment through Auction Method was made by offering shares to Mutual
funds and Financial Institutions. These PSUs were permitted to be listed and traded on
stock exchanges enabling retail and other investors to invest in these blue chip PSUs
through secondary market.
Strategic Sale for privatization(1999-2000 and 2002-2003) Market Sale (2003-05 onwards) through
o Initial Public Offer or Follow-on Public Offero Offer for Sale for divestment of minority shareholding
1.3 In August 1996 that Government established a Disinvestment Commission (DC)initially for duration of three years to advise it on all aspects relating to public sectordisinvestment.
The main terms of reference were.
To draw a comprehensive overall long-term disinvestment programme within 5-10 years for the PSUs referred to it by the Core Group comprising Secretaries of
selected Ministries;
To determine the extent of disinvestment in each PSU; To prioritize the PSUs referred to it by the Core Group in terms of the overall
disinvestment programme; To recommend the preferred mode(s) of disinvestment for each of the identified
PSUs;
To supervise the overall sale process and take decisions on instrument, pricing,timing etc., as appropriate;
To select the financial advisors for specified PSUs to facilitate the disinvestmentprocess;
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To monitor the progress of disinvestment process and take necessary measuresand to advise Government on possible capital restructuring of the enterprises by
marginal investments, if required, so as to ensure enhanced realization through
disinvestment.
1.4 Government classified (March 1999) the PSUs into those functioning in strategic andnon-strategic areas for the purpose of disinvestment. All PSUs except those in the three
areas of arms and ammunition and allied items of defense equipment, defense air-craft and
warships, atomic energy (except in the areas related to the generation of nuclear power and
application of radiation and radio-isotopes to agriculture, medicine and non-strategic industries)
and railway transport were to be considered non-strategic. In these non-strategic cases
it was decided that the reduction of Government stake to 26 per cent would not be
automatic and the manner and pace of doing so would be worked out on a case by case
basis.
1.5 Government further decided (March 1999) that divesting their stake to less than 51
per cent or to 26 per cent would be taken on considerations as to whether the industrial
sector required the presence of the public sector as a countervailing force to prevent
concentration of power in private hands, and whether the industrial sector required a
proper regulatory mechanism to protect the consumer interests before the PSUs were
privatized. Government also decided to strengthen strategic PSUs, privatize non-
strategic PSUs through gradual disinvestment or strategic sale and devise viable
rehabilitation strategies for the weak units.
1.6 In December 1999 Government established a new Department for Disinvestment(DOD) to lay down a systematic policy approach to disinvestment and privatization and
to give a fresh impetus to this programme. In the budget speech of 2000-01, Government
stated that it was prepared to reduce its stake in the non-strategic PSUs even below 26
per cent, if necessary and that there would be increasing emphasis on strategic sales. It
further stated that it would set up a Disinvestment Proceeds Fund and the entire
proceeds from disinvestment would be used for meeting the expenditure in the social
sector, restructuring of PSUs and retiring public debt.
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2. Different Approaches to Disinvestments
There are primarily three different approaches to disinvestments (from the sellers i.e.
Governments perspective)
2.1 Minority Disinvestment
A minority disinvestment is one such that, at the end of it, the government retains a
majority stake in the company, typically greater than 51%, thus ensuring management
control. Historically, minority stakes have been either auctioned off to institutions
(financial) or offloaded to the public by way of an Offer for Sale.
Examples of minority sales via auctioning to institutions go back into the early and mid
90s. Some of them were Andrew Yule & Co. Ltd., CMC Ltd. etc. Examples of minority
sales via Offer for Sale include recent issues of Power Grid Corp. of India Ltd., Rural
Electrification Corp. Ltd., NTPC Ltd., NHPC Ltd. etc.
2.2 Majority Disinvestment
A majority disinvestment is one in which the government, post disinvestment, retains a
minority stake in the company i.e. it sells off a majority stake.
Historically, majority disinvestments have been typically made to strategic partners.
These partners could be other CPSEs themselves, a few examples being Bongaigaon
Refinery & Petrochemicals Limited (BRPL) to Indian Oil Corporation (IOC), Madras
Refinery Limited (MRL) to IOC, and Kochi Refinery Limited (KRL) to Bharat Petroleum
Corporations Limited (BPCL). Alternatively, these can be private entities, like the sale of
Modern Foods to Hindustan Lever, BALCO to Sterlite, and CMC to TCS etc.
Again, like in the case of minority disinvestment, the stake can also be offloaded by way
of an Offer for Sale, separately or in conjunction with a sale to a strategic partner.
2.3 Complete Privatization
Complete privatization is a form of majority disinvestment wherein 100% control of the
company is passed on to a buyer. Examples of this include 18 hotel properties of ITDC
and 3 hotel properties of HCI.
Disinvestment and Privatization are often loosely used interchangeably. There is,
however, a vital difference between the two. Disinvestment may or may not result in
Privatization. When the Government retains 26% of the shares carrying voting powers
while selling the remaining to a strategic buyer, it would have disinvested, but would
not have privatized, because with 26%, it can still stall vital decisions for which
generally a special resolution (three-fourths majority) is required.
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3. Disinvestments-A Historical Perspective
3.1 Period from 1991-92 to 2000-01
The change process in India began in the year 1991-92, with 31 selected PSUs disinvested
for Rs.3,038 crore. In August 1996, the Disinvestment Commission, chaired by G V
Ramakrishna was set up to advice, supervise, monitor and publicize gradual
disinvestment of Indian PSUs. It submitted 13 reports covering recommendations on
privatization of 57 PSUs. However, the Disinvestment Commission ceased to exist in
May 2004.
The Department of Disinvestment was set up as a separate department in December,
1999 and was later renamed as Ministry of Disinvestment from September, 2001. From
May, 2004, the Department of Disinvestment became one of the Departments under the
Ministry of Finance.
Against an aggregate target of Rs 54,300 crore to be raised from PSU disinvestment from1991-92 to 2000-01, the Government managed to raise just Rs 20,078.62 crore (less than
half). Interestingly, the government was able to meet its annual target in only 3 (out of
10) years. In 1993-94, the proceeds from PSU disinvestment were nil over a target
amount of Rs 3,500 crore.
The reasons for such low proceeds from disinvestment against the actual target set
were:
Unfavorable market conditions
Offers made by the government were not attractive for private sector investors Lot of opposition on the valuation process No clear-cut policy on disinvestment Strong opposition from employee and trade unions Lack of transparency in the process Lack of political will
This was the period when disinvestment happened primarily by way of sale of minority
stakes of the PSUs through domestic or international issue of shares in small tranches.
The value realized through the sale of shares, even in blue chip companies like IOC,BPCL, HPCL, GAIL & VSNL, however, was low since the control still lay with the
government.
Most of these offers of minority stakes during this period were picked up by the
domestic financial institutions. Unit Trust of India was one such major institution.
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3.2 Period from 2001-02 to 2003-04
This was the period when maximum number of disinvestments took place. These took
the shape of either strategic sales (involving an effective transfer of control and
management to a private entity) or an offer for sale to the public, with the government
still retaining control of the management. Some of the companies which witnessed astrategic sale included:
BHARAT ALUMINIUM CO.LTD.
CMC LTD.
HINDUSTAN ZINC LTD.
HOTEL CORP.OF INDIA LTD. (3 PROPERTIES: CENTAUR HOTEL,JUHU
BEACH, CENTAUR HOTEL AIRPORT,MUMBAI & INDO HOKKE HOTELS
LTD.,RAJGIR)
HTL LTD.
IBP CO.LTD. INDIA TOURISM DEVELOPMENT CORP.LTD.(18 HOTEL PROPERTIES)
INDIAN PETROCHEMICALS CORP.LTD.
JESSOP & CO.LTD.
LAGAN JUTE MACHINERY CO.LTD.
MARUTI SUZUKI INDIA LTD.
MODERN FOOD INDUSTRIES (INDIA) LTD.
PARADEEP PHOSPHATES LTD.
The valuations realized by this route were found to be substantially higher than those
from minority stake sales. During this period, against an aggregate target of Rs 38,500crore to be raised from PSU disinvestment, the Government managed to raise Rs
21,163.68 crore.
3.3 Period from 2004-05 to 2008-09
The issue of PSU disinvestment remained a contentious issue through this period. As a
result, the disinvestment agenda stagnated during this period. In the 5 years from 2003-
04 to 2008-09, the total receipts from disinvestments were only Rs. 8515.93 crore.
3.4 2009-10 onwards
A stable government and improved stock market conditions has led to a renewed thrust
on disinvestments. The Government has started the process by selling minority stakes in
listed and unlisted (profit-making) PSUs through public offers. As on 31st December
2010, Rs. 46315.59 crore had been raised in this period.
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4. The Process of Disinvestment
4.1 The disinvestment in any Government company is carried by Department ofDisinvestment (DOD). It was converted from an independent Ministry to theDepartment of Disinvestment (DOD) under the Ministry of Finance. DOD is responsible
for taking each proposal to the Cabinet Committee on Disinvestment (CCD), the highestdecision making body in the approval channel.
4.2 The next step involves deciding on the methodology to be followed for
disinvestment. From time to time Government has adopted several methodologies as
4.2.a Auction is one of the methods for divesting shares under market sale where thepricing is optimized through bidding. It is less time consuming and involves lowtransaction cost. It is targeted at the institutional investors. In the initial rounds ofdisinvestment, Government divested its stake in PSUs thorough this method.
4.2.b Strategic sale implies selling of a substantial block of government holdings to asingle party, which would not only acquire substantial equity holdings of up to 51per cent but also bring in the necessary technology for making the public sectorenterprise viable and competitive in the global market. Alternatively, Strategic Saleincludes two elements, one is transfer of block of shares to a Strategic Partner andthe second is transfer of management control to the Strategic Partner.
4.2.c Market sale signifies sale of shares to individuals, financial institutions orprivate sector business, which can then be traded in the market. It includes the saleof shares through initial public offer, offer for sale to public, international offering,private placement and auction
4.2.c (i) Initial Public offering (IPO) is the first issue of equity shares to thepublic by an unlisted company.
4.2.c.(ii) Offer for sale is offer of shares by existing shareholder(s) of a companyto the public for subscription, through an offer document.
4.3 The next step involves selection and appointment of several intermediaries that areinvolved in the process, the most important being the Book running Lead Manager orthe BRLM. Other intermediaries that are required in an Initial public Offering include
Bankers to the Issue, Registrar to the Issue, Legal AdvisersDomestic and International,Auditors and Advertising Agency/Public Relation Agency. There are separateindividual eligibility requirements for each of the intermediary involved.
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The Book Running Lead Managers will be required, inter alia, to undertake tasks
related to all aspects of the Initial Public Offer, including but not restricted to, as
mentioned below: -
(i) Advise the Government of India on the timing and the modalities of the InitialPublic Offer.
(ii) Structure the Initial Public Offer in conformity with the prevailing frameworkand Guidelines/ Regulations of SEBI, the Stock Exchanges and Securities
Contract and Regulations Act, 1957 and Companies Act, 1956.
(iii) Undertake due diligence activities and prepare the DRHP/RHP/Prospectus andcomplete all stipulated requirements & formalities of regulatory/statutory
authorities.
(iv) Undertake filing of the DRHP/RHP/Prospectus with SEBI/ Stock Exchanges/ROC.
(v) Advise on the regulatory norms and assist in securing approval and exemptions,wherever necessary, from various regulatory agencies such as SEBI, Stock
Exchanges, RBI, etc.
(vi) Ensure optimum return to the Government.(vii) Conduct pre-market survey, road shows to generate interest amongst
prospective investors. Arrange meetings with the key investors, facilitate
communication about the growth potential of the Company and articulate the
key marketing themes & positioning of the Company.
(viii) Undertake market research, assist in the pricing of the Issue, allocation of sharesand provide after sale support, etc.
(ix) Perform all other responsibilities connected with the Initial Public Offer.(x) Underwrite the Initial Public Offer.(xi) Assist in selection of intermediaries to be appointed by Government and
coordinate the work of all intermediaries.
(xii) Prepare and approve the statutory advertisements for publication. The cost ofthe preparation will be borne by the BRLMs and the cost of publication will be
borne by the Government.
(xiii) Organize road shows both domestic and international.
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(xiv) Undertake the task of printing and distribution of stationery required for theInitial Public Offer.
(xv) The appointed BRLMs will also make the following payments:i. Filing fee to SEBI;
ii. NSE/BSE charges for use of software for the book building;iii. Payments required to be made to Depository or the Depository
Participants for transfer of shares to the beneficiaries account.
(xvi) Ensure completion of all post issue related activities as laid down in the SEBIRegulations.
(xvii) Render such other assistance as may be required in connection with the IPO.
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4A ComparisonofProcessofmakingPublicOfferingbynonGovernmentand
GovernmentcompaniesParticulars Non Government Company Government Company
Objective To raise resources to fund theobjects such as
project implementation working capital repayment of loan acquisitions etc
The major objective is to raise resourcesfor the government to fund Fiscal
deficit.
Origination Origination is Management specificand a one step process as it involvesPromoters decision.
Origination depends on Governmentpolicies which are specific to a Sectorand a Company. It involves complexsituations of identifying a target whichis marketable.
Appointmentof
Intermediaries
Flexible and speedy process asdecision making is swift on account
of direct involvement of Promoters& management.
Being Government, the process is lessflexible and involves a tendering
approach. The parameters of eligibilitycriterias have to be determined forselection of various intermediariesfollowed by a technical & financialevaluation process. It is a timeconsuming multi step process.
IPOPreparedness
IPO preparedness is easy toestablish as focused approach isfollowed.
It involves various levels of internalclearances and coordination amongstseveral government departments &specific committees.
Offer
Parameters
No specific exemptions except in
case of follow on offers bycompanies under a Fast Track Issue.
Exemptions are available with respect
to minimum dilution and eligibility forpre-IPO holding for offer for sale & facevalue of shares of PSUs engaged ininfrastructure sector. Banks are exemptfrom entry norms.
OfferDocument
No specific exemptions. Exemptions available with respect todisclosures of group companysinformation and litigation involvingpromoters and group companies.
StatutoryClearances /
Approvals
Hurdles in the form of detailedscrutiny.
Swift clearances. It has been observedthat statutory approvals/ clearances
required for launching an IPO arewithin the stipulated time prescribed inregulations.
Marketing Need a higher degree of marketingto garner participation.
Government pedigree helps inmarketing the issue if the issue is pricedattractively. IPOs are better marketablethan FPOs. Marketing FPOs is a greatchallenge as price is already available.
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5. Preparing a PSU for Disinvestment
As far as process of making public offer by companies under Public Sector (PSUs) and
no Public Sector (non PSUs) are concerned, there is a level playing field. All the
companies are required to comply with applicable provisions of Companies act 1956,
ICDR regulations, Securities Contract Regulations/Rules 1957 as well as compliancewith listing agreements. SEBI ICDR provides for certain exemptions in applicability of
regulations in respect of PSUs which are summarized as under:
PSUs can make initial public offer (IPO) with dilution of at least 10 per cent ofthe equity to public in terms of offer document.
Eligibility for holding period of one year of shares which are offered for sale isrelaxed in case of PSUs engaged in infrastructure sector.
The face value of shares of PSUs engaged in infrastructure sector can be lessthan Rs 10 per share irrespective of issue price.
All the shares held by the promoters before making an IPO are eligible forminimum promoter contribution in case of PSUs
Disclosures of financial information of the group companies in the offerdocument in respect of PSUs is exempt
Disclosures of information on outstanding litigation involving promoter/groupcompanies by PSUs are exempt.
Banks are exempt from entry norms prescribedIt is imperative that management teams of the concerned PSUs are abreast of securities
laws mainly SEBI (ICDR) Regulations, 2009; Companies Act, 1956; Securities Contract
regulations Rules, 1957 etc.
Though legal advisors will be appointed for the said purpose, understanding by
respective PSU executives go a long way in handling the same smoothly.
5.1 Eligibility norms
SEBI has stipulated the eligibility norms for companies planning an IPO which are as
follows:
a) Net tangible assets of at least Rs. 3 crore in each of the preceding three full years
b) Distributable profits for at least three out of the immediately preceding five yearsc) Net worth of at least Rs. 1 crore in each of the preceding three full years
d) The issue size should not exceed 5 times the pre-issue net worth
e) If there has been a change in the companys name, at least 50% of the revenue for
preceding one year should be from the new activity denoted by the new name
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5.2 Alternative routes
Recognizing that many good companies, for one reason or the other, may not be able to
comply with all the eligibility norms, alternative route is available to such companies
provided they fulfill the conditions mentioned under (A) and (B):
(A)
Issue shall be through book building route, with at least 50% to be mandatorilyallotted to the Qualified Institutional Buyers (QIBs)
OR
The project is appraised and participated to the extent of 15% by FIs/ScheduledCommercial Banks of which at least 10% comes from the appraiser(s).
At least 10% of the issue shall be allotted to QIBs(B)
The minimum post-issue face value capital shall be Rs. 10 croreOR
Market making for 2 years.5.3 Exemptions to certain category of entities from the eligibility norms
The following categories of entities are eligible for exemption from entry norms.
A banking company including a local area bank set up under the Banking
Regulation Act, 1949
A corresponding new bank set up under the Banking Companies Act, 1970
An infrastructure company[
Whose project has been appraised by a Public Financial Institution (PFI)
Not less than 5% of the project cost is financed by any of the PFI
Rights Issue by a listed company
5.4 Fast Track issue
For listed companies with, average market capitalization of public shareholding of at least
Rs 5000 crore special provision is available under regulations 10(1) and 10(2) of SEBI ICDR
Regulations, 2009. Under the mechanism, lead managers can proceed with an issue or
capital-raising plan of a company listed on the NSE or BSE after filing the offer documentwith SEBI.
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5.5 Minimum Public Shareholding Requirements & relaxations given to Public
Sector Companies
Amendment to Securities Contracts (Regulation) Rules, 1957 has provided special
relaxations to listed Public sector undertakings and Public sector companies who want
to get listed.
A Public sector company shall offer and allot at least ten per cent of each class orkind of equity shares or debentures convertible in equity shares to public in terms of
an offer document.
A listed Public sector company has to achieve a minimum public shareholding of atleast ten per cent within the time period specified in the regulation.
5.6 Corporate Governance requirements
Any Issuer company signs listing agreement with the stock exchanges which determineongoing disclosures and requirements.
The following are the requirements related to Corporate Governance of the Company:
Constitution of Board of Directors (BoD) At least one-half non executive Directors One-third independent Directors in case of a non-executive Chairman One-half independent Directors in case of an executive Chairman One-half independent Directors in case non-executive Chairman being a
promoter or related to the promoters or persons occupying management
positions at the Board level or at one level below the Board
Subsidiary Companies At least 1 independent director on the BoD (Hold co.) shall be a director on
the BoD of a material unlisted Indian subsidiary
Various other committees Remuneration Committee
Should comprise at least three members Have all non-executive Directors Committee Chairman to be an independent Director
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Shareholders Committee A board committee under the chairmanship of a non-executive
director
Redressal of shareholder and investors complaints like transfer ofshares, non-receipt of balance sheet, non-receipt of declared dividends
etc.
Audit Committee Should comprise at least three members Two-thirds of the members shall be independent Directors At least one Director should have financial and accounting
knowledge
Committee Chairman to be an independent Director A report on Corporate Governance is required to be published in the annual
report of the company.
5.7 Other Key Steps
Decide on composition and size of the issue - offer for sale from Government or
combination (i.e. Offer for sale+ Fresh Issue)
Appointment of Investment Bankers and Other Intermediaries Board of directors to form an IPO Committee to oversee various aspects of resource
rising such as legal, administrative, marketing, compliances etc.
A separate data room to be created along with a dedicated IPO team Finalize objects of the offer in case its a fresh issue of equity shares. Company can start with the brand building / publicity / PR exercise before the
board approves the IPO as the publicity restrictions will not apply from the time the
board meets approves the IPO
Seek FIPB and RBI approval for issuing/transferring securities to NRI/OCBs/FIIs, ifrequired
Memorandum and Articles of Association to be amended , if any, in line with therequirement of the Stock Exchanges
Check if any of the directors of the issuer is associated with the securities market inany manner, if yes, whether the SEBI has initiated any action against the said entities
and the related details.
Tripartite agreement with Company, NSDL and CDSL and Registrar fordematerialization of shares
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6. Exceptions given to Government Companies under SEBI ICDR Regulations
6.1 Eligible shares for offer (regulation 26(6))
Equity shares may be offered for sale to public if such equity shares have been held by
the sellers for a period of at least one year prior to the filing of draft offer document withthe Board. Provided that in case equity shares received on conversion or exchange of
fully paid-up compulsorily convertible securities including depository receipts are being
offered for sale, the holding period of such convertible securities as well as that of
resultant equity shares together shall be considered for the purpose of calculation of one
year period.
Provided further that the requirement of holding equity shares for a period of one
year shall not apply:
(a) In case of an offer for sale of specified securities of a government company orstatutory authority or corporation or any special purpose vehicle set up and
controlled by any one or more of them, which is engaged in infrastructure sector;
(b) If the specified securities offered for sale were acquired pursuant to any scheme
approved by a High Court under sections 391-394 of the Companies Act, 1956, in lieu
of business and invested capital which had been in existence for a period of more
than one year prior to such approval.
6.2 Face value of equity shares (31(1b))
Subject to the provisions of the Companies Act, 1956, the Act and these regulations, anissuer making an initial public offer may determine the face value of the equity shares in
the following manner:
(a) if the issue price per equity share is five hundred rupees or more, the issuer shall
have the option to determine the face value at less than ten rupees per equity share:
Provided that the face value shall not be less than one rupee per equity share;
(b) If the issue price per equity share is less than five hundred rupees, the face value
of the equity shares shall be ten rupees per equity share:
Provided that nothing contained in this sub-regulation shall apply to initial public
offer made by any government company, statutory authority or corporation or any
special purpose vehicle set up by any of them, which is engaged in infrastructure
sector.
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6.3 Securities ineligible for minimum promoters contribution: (33(1b) (iii))
Specified securities acquired by promoters during the preceding one year at a price
lower than the price at which specified securities are being offered to public in the initial
public offer are not eligible
Provided that nothing contained in this clause shall apply to an initial public offer by a
government company, statutory authority or Corporation or any special purpose
vehicle set up by any of them, which is engaged in infrastructure sector
6.4 Minimum offer to public:(41(2))
A government company or statutory authority or corporation or any special purpose
vehicle set up and controlled by any one or more of them, which is engaged in
infrastructure sector may come up with an issue offering less than ten percent of
shares to public. However it will have to achieve at least ten per cent public
shareholding within three years from date of listing to be in compliance with Securities
Contract Regulation Rules, 1957.
6.5 Financial information of group companies: (disclosures to be made as per
Schedule VIII Part A)
Public sector companies are not required to disclose financial information of group
companies.
6.6 Outstanding litigations involving the promoter and group companies (disclosures
to be made as per Schedule VIII Part A)
Public sector companies are not required to disclose outstanding litigations involving
the promoter and group companies.
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DisinvestmentbyGovernmentCompanies:AProcess
16
7. Marketing & Selling Strategy
7.1 Marketing Strategy
Create buzz in the market with sustained media effort including televisionadvertisements and press articles
Sponsor credibility and pedigree of the company is to be continuously emphasized Interaction with the broking community to help and create awareness about the
issue amongst their regular clients
7.1.a Investor Awareness
Organizing management meeting with large institutional investors Effectively creating the industry story Effective use of alternate media platform
Providing clarifications Identifying investment centres with maximum potential through demographic
mapping
Personalized discussion with large secondary market brokers7.1.b Effective Communication
Marketing the issue through the Syndicate Members, Broker and Sub-Broke network Press conference at leading investment centres Organizing visit to company set-up for the countrys leading brokers/ Analysts etc. A nationwide network of brokers to be involved in marketing the issue7.1.c Facilitate Bidding
Marketing the issue through the Syndicate Members, Broker and Sub-Brokernetwork
More than 700 Bidding Centres covering nearly 75 cities7.2 Selling Strategy
Attractive pricing retail discount to the extent possible Reasonable incentives for distribution efforts Conducting domestic & international road shows Choice of road show locations (cities) & nature of the road shows i.e. special road
shows for large distributors, HNI clients, etc
Educating employees to ensure participation in the process Substantial first day subscriptions in the employee and QIB category
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DisinvestmentbyGovernmentCompanies:AProcess
17
The issue stationery quantities and distribution needs to be timed well far-flunglocations need to be reached while the shelf life in main centers needs to be
conserved not too early not too late
Pre issue marketing build up needs to be appropriately timed suitableadvertisement channels to be employed
Extensive PR activities just after filing of DRHP to inform investors about thecompany
Mobilizing distribution network just after filing of DRHP to ensure proper buy-infrom all the distributors
Appropriate timing for the communication of Issue Price7.2.a Retail / NI/HNI
Retail demand has been the driver for many public issues Providing efficient infrastructural support to facilitate bidding goes a long way in
garnering bids
Retail/HNI closely linked to build up of book Retail:>95% of applications are at cut-off HNIs + Retail:>90% applications come on the last day Retail Demand is concentrated with
Top 6 cities contributing to ~ 65% and Top 10 cities contributing ~ 79% of the amount collected Apart from the 4 metros, Ahmedabad, Baroda, Rajkot, Surat, Hyderabad,
Bangalore, Baroda, Pune, Jaipur are prominent centres for Retail Demand
7.2.b QIB Investors
QIB,s comprise of Foreign Institutional investors, Mutual funds, InsuranceCompanies & Banks etc.
QIBs Set the tone for the IPO Anchor investors who provide initial impetus to theBook and predict success of the issue
QIBs are aggressive with respect to pricing and bidding Unsatisfied QIB demand provides the impetus for premium on listing Key to
sustained demand, liquidity and price performance of the issue over a longer period
Preparation of offering memo in compliance with regulations Appropriate positioning to justify valuation and generate interest Marketing road shows to interact with institutional investors These are the investors with whom Equity Research and Sales teams of the
Investment Bankers speak to on a day-to-day basis.
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DisinvestmentbyGovernmentCompanies:AProcess
18
8. Conclusion
In the vibrant capital market scenario disinvestment by PSUs is of utmost importance as
it fulfills twin objective of raising resources by the PSUs as a part of economic policy and
offering participation in the wealth of the PSUs by investors at large including retail
investors. Though the performance of stocks of PSUs in the secondary market has
mixed results from the point of view of capital appreciation, generally PSU stocks have
been regarded as safe and best investment opportunities backed by strong
fundamentals, rich asset base, strategic business of national interest and good
governance as compared to various issuances of private sector undertakings in last 2
decades. The response to the offers by PSUs from the investors at large has been
encouraging and some of the PSU stocks have performed exceedingly well in the
secondary market creating great value for investors.
The parameters those are applicable to corporate sector such as proper pricing, timing of
the issue, objects for which funds being raised are also applicable to PSUs. The
experience is that the PSUs that have strategically planned their issuances with proper
pricing have been received well by the capital market and their performance in the stock
market has yielded good results.
It is observed that many PSUs including Banks who have tapped Capital Markets with
IPOs have made further public offers (FPOs) to raise the resources and/or to achieve
disinvestment targets. The pricing of FPOs and marketing of them has always been a
difficult task on account of availability of market price for the existing capital and thus
fixing of price for FPO becomes difficult. PSUs have rarely chosen the path of rights
issue to the existing equity shareholders except some of the public sector banks like State
Bank of India.
Further, there are many PSUs which are listed with the public holding of less than 10%
which are required to attain at least 10% pubic shareholding in the period of 3 years as
per the government norms. There are many other opportunities of disinvestment by
PSUs in various sectors and it is imperative to have strategic plan to take up
disinvestment process at an opportune time. It is important for the PSUs to keep
exploring various possibilities of raising further resources or divest the equity through
public at large from time to time.
The preparedness of PSUs to tap the capital market as and when the conditions areconducive is of utmost importance to achieve desired goals. After the great success of
Coal India IPO with very good market conditions not much IPOs of PSUs could be made
to derive the benefit of the thumping success of Coal India, though some of the FPOs
were completed during this phase. The conscious effort need to be made to develop a
concrete plan to proceed with disinvestment and department shall have a basket of
PSUs ready and available to hit the market at an appropriate time.
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DisinvestmentbyGovernmentCompanies:AProcess
19
Annexure
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SL.NO. COMPANY
IPO/FP O O PE NI NG DIV ES TME NT DI VE STME NT D IVE STME NT FRE SHCAPITAL FRESHCAPITAL ISSUEAMOUNT %GOVT. %GOVT.
(NAMEASATTHETIMEOFISSUE) DATE/FINANCIALYEAR BY (Rs.crore) AS%OFPOST (Rs.crore) AS%OFPOST (Rs.crore) HOLDING HOLDING
ISSUECAPITAL ISSUECAPITAL PRIORTO AFTERI SSISSUE
1 BHARATEARTHMOVERSLTD. FPO 27/06/2007 526.75 11.77 526.75 61.23 5
2 CMCLTD. FPO 23/02/2004 GOI 190.44 26.25 190.44 26.25
3 COALINDIALTD. IPO 18/10/2010 GOI 15199.44 10 15199.44 99.99 8
4 DREDGINGCORP.OFINDIALTD. FPO 26/02/2004 GOI 221.2 20 221.2 98.56 7
5 ENGINEERSINDIALTD. FPO 27/07/2010 GOI 959.65 10 959.65 90.4
6 GAIL(INDIA)LTD. FPO 27/02/2004 GOI 1627.36 10 1627.36 67.34 5
HINDUSTANORGANIC
CPSEsatthetimeofIssue(CPSEsdefinedascompanieswherethedirectholdingoftheCentralGovernmentorofotherCPSEsis51%ormore)
DISINVESTMENTBYGOVERNMENTCOMPANIESTILLDATE
7 CHEMICALSLTD. FPO 10/11/1994 57.25 17 57.25 80 5
8 IBPCO.LTD. FPO
23/02/2004
GOI 350.66 2 6 350.66 26
9
INDIANPETROCHEMICALS
CORP.LTD. FPO 16/11/1992 320 9.66 320 80 7
10
INDIANPETROCHEMICALS
CORP.LTD. FPO 20/02/2004 GOI 1202.85 28.95 1202.85 33.95
11 MADRASFERTILIZERSLTD. IPO 12/05/1997 42.94 17.25 42.94 69.78 5
12 MADRASREFINERIESLTD. FPO 23/03/1994 118.47 10.3 118.47 67.7 5
13 MARUTIUDYOGLTD. IPO 12/06/2003 GOI 993.34 27.51 993.34 45.79 1
14 MOILLTD. IPO 26/11/2010
GOI,GOVT.OF
MAH.,
GOVT.OFM.P. 1237.51 20 1237.51 100
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SL.NO. COMPANY
IPO/FP O O PE NI NG DIV ES TME NT DI VE STME NT D IVE STME NT FRE SHCAPITAL FRESHCAPITAL ISSUEAMOUNT %GOVT. %GOVT.
(NAMEASATTHETIMEOFISSUE) DATE/FINANCIALYEAR BY (Rs.crore) AS%OFPOST (Rs.crore) AS%OFPOST (Rs.crore) HOLDING HOLDING
ISSUECAPITAL ISSUECAPITAL PRIORTO AFTERI SSISSUE
DISINVESTMENTBYGOVERNMENTCOMPANIESTILLDATE
15
NATIONALTHERMALPOWER
CORP.LTD. IPO 07/10/2004 GOI 2684.07 5.25 2684.07 5.25 5368.15 100
16 NHPCLTD. IPO 07/08/2009 GOI 2012.85 4.55 4025.7 9.09 6038.55 100 8
17 NMDCLTD. FPO 10/03/2010 GOI 9930.45 8.38 9930.45 98.38
18 NTPCLTD. FPO 03/02/2010 GOI 8480.1 5 8480.1 89.5
19 OIL&NATURALGASCORP.LTD. FPO 05/03/2004 GOI 10542.4 9.96 10542.4 84.11 7
20 OILINDIALTD. IPO 07/09/2009 2777.25 11 2777.25 88.13 7
21 POWERFINANCEC OR P. LT D. IP O 31/01/2007 997.19 10.22 997.19 100 8
. . . . . . . .
23POWER
GRID
CORP.OF
INDIA
LTD. IPO 10/09/2007 GOI 994.82 4.55 1989.63 9.09 2984.45 100 8
24
POWERGRIDCORP.OFINDIA
LTD. FPO 09/11/2010 GOI 3721.17 9.09 3721.17 9.09 7442.34 86.36 6
25
POWERTRADINGCORP.OFINDIA
LTD. IPO 01/03/2004 93.6 39 93.6
26
RURALELECTRIFICATION
CORP.LTD. IPO 19/02/2008 GOI 819.63 9.09 819.63 9.09 1639.26 100 8
27
RURALELECTRIFICATION
CORP.LTD. FPO 19/02/2010 GOI 882.51 4.35 2647.53 13.04 3530.04 81.82
28
SHIPPINGCORP.OFINDIA
LTD.,THE FPO 30/11/2010 GOI 582.45 9.09 582.45 9.09 1164.9 80.12 6
29 SJVNLTD. IPO 29/04/2010 GOI 1062.74 10.03 1062.74 100 8
30
TAMILNADU
TELECOMMUNICATIONSLTD. IPO 09/05/1991 5 46.6 5
31 VIDESHSANCHARNIGAML TD . FP O 20/09/1999 GOI 75 1.05 75 54.02 5
SUBTOTAL 64915.2 24842.29 89757.49
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SL.NO. COMPANY
IPO/FP O O PE NI NG DIV ES TME NT DI VE STME NT D IVE STME NT FRE SHCAPITAL FRESHCAPITAL ISSUEAMOUNT %GOVT. %GOVT.
(NAMEASATTHETIMEOFISSUE) DATE/FINANCIALYEAR BY (Rs.crore) AS%OFPOST (Rs.crore) AS%OFPOST (Rs.crore) HOLDING HOLDING
ISSUECAPITAL ISSUECAPITAL PRIORTO AFTERI SSISSUE
DISINVESTMENTBYGOVERNMENTCOMPANIESTILLDATE
GDRs/Spillovers
1 GAIL(INDIA)LTD. GDR 199900 GOI 945 15.98 945 83.32 6
2
MAHANAGARTELEPHONE
NIGAMLTD. GDR 199798 GOI 910 7 .13 910 63.35 5
3 OIL&NATURALGASCORP.LTD. Spillove 200405 GOI 15.99 15.99 NA NA
4 VIDESHSANCHARNIGAML TD . GD R 199697 GOI 379.67 2.94 379.67 NA NA
5 VIDESHSANCHARNIGAML TD . GD R 199899 GOI 783.68 7.54 783.68 NA NA
. .TOTAL 67949.54 92791.83
1 ALLAHABADBANK IPO 23/10/2002 100 28.84 100 100 7
2 ALLAHABADBANK FPO 06/04/2005 820 22.39 820 71.16 5
3 ANDHRABANK IPO 14/02/2001 150 33.33 150 100 6
4 ANDHRABANK FPO 16/01/2006 765 17.53 765 62.5 5
5 BANKOFBARODA IPO 05/12/1996 850 33.78 850 100 6
6 BANKOFBARODA FPO 16/01/2006 1633 19.49 1633 66.83 5
7 BANKOFINDIA IPO 21/02/1997 675 23.47 675 100 7
8 BANKOF
MA HAR ASHTRA IPO
25/02/2004
230 23.23 230 100 7
9 CANARABANK IPO 18/11/2002 385 26.83 385 100 7
10 CENTRALBANKOFINDIA IPO 24/07/2007 816 19.8 816 100
11 CORPORATIONBANK IPO 03/10/1997 304 31.67 304 100 6
12 DENABANK IPO 28/10/1996 180 29.01 180 100 7
PSBsatthetimeofIssue(PSBsdefinedasBankswherethedirectholdingoftheCentral/StateGovernmentorotherPSBsis51%ormore)
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SL.NO. COMPANY
IPO/FP O O PE NI NG DIV ES TME NT DI VE STME NT D IVE STME NT FRE SHCAPITAL FRESHCAPITAL ISSUEAMOUNT %GOVT. %GOVT.
(NAMEASATTHETIMEOFISSUE) DATE/FINANCIALYEAR BY (Rs.crore) AS%OFPOST (Rs.crore) AS%OFPOST (Rs.crore) HOLDING HOLDING
ISSUECAPITAL ISSUECAPITAL PRIORTO AFTERI SSISSUE
DISINVESTMENTBYGOVERNMENTCOMPANIESTILLDATE
13 DENABANK FPO 24/01/2005 216 27.89 216 70.99 5
14 GICHOUSINGFINANCELTD. IPO 19/12/1994 22.54 25.05 22.54
15 IDBIBANKLTD. IPO 09/02/1999 72 28.57 72
16 INDBANKHOUSINGLTD. IPO 07/10/1991 2.4 24 2.4
17
INDBANKMERCHANTBANKING
SERVICESLTD. IPO 18/03/1994 36.02 49 36.02
18 INDIANBANK IPO 05/02/2007 782.14 20 782.14 100
19 INDIANOVERSEASBANK IPO 25/09/2000 111.2 25 111.2 100
20 INDIANOVERSEASBANK FPO 05/09/2003 240 18.36 240 75 6
21
JAMMU&KASHMIRBANK
LTD.,THE IPO
13/05/1998
70.3 38.14 70.3 85.91 5
22 LICHOUSINGFINANCELTD. IPO 15/09/1994 113.51 25.22 113.51
23 ORIENTALBANKOFCOMMERCE IPO 05/10/1994 360 31.52 360 100 6
24 ORIENTALBANKOFCOMMERCE FPO 25/04/2005 1450 23.15 1450 66.48 5
25 PUNJAB&SINDBANK IPO 13/12/2010 470.82 17.93 470.82 100 8
26 PUNJABNATIONALBANK IPO 21/03/2002 164.49 20 164.49 100
27 PUNJABNATIONALBANK FPO 07/03/2005 3120 23.17 3120 80 6
28 SBIHOMEFINANCELTD. IPO 15/02/1993 4.6 30.65 4.6
29
STATEBANKOFBIKANER&
JAIPUR FPO
20/11/1997
65.94 24.42 65.94 99.21
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SL.NO. COMPANY
IPO/FP O O PE NI NG DIV ES TME NT DI VE STME NT D IVE STME NT FRE SHCAPITAL FRESHCAPITAL ISSUEAMOUNT %GOVT. %GOVT.
(NAMEASATTHETIMEOFISSUE) DATE/FINANCIALYEAR BY (Rs.crore) AS%OFPOST (Rs.crore) AS%OFPOST (Rs.crore) HOLDING HOLDING
ISSUECAPITAL ISSUECAPITAL PRIORTO AFTERI SSISSUE
DISINVESTMENTBYGOVERNMENTCOMPANIESTILLDATE
30 STATEBANKOFTRAVANCORE FPO 08/12/1997 69.24 23.08 69.24 1.5
31 SYNDICATEBANK IPO 25/10/1999 125 26.48 125 100 7
32 SYNDICATEBANK FPO 07/07/2005 250 9.58 250 73.52 6
33 UCOBANK IPO 03/09/2003 240 25.02 240 100 7
34 UNIONBANKOFINDIA IPO 20/08/2002 288 39.13 288 100 6
35 UNIONBANKOFINDIA FPO 15/02/2006 495 8.91 495 60.85 5
36 UNITEDBANKOFINDIA IPO 23/02/2010 325.15 15.8 325.15 100
37 VIJAYABANK IPO 27/11/2000 100 27.84 100 100 7
. .
SUBTOTAL
0 16342.36 16342.36
1
INDUSTRIALCREDIT&
INVESTMENTCORP.OFINDIA
LTD. FPO 13/02/1991 82 28.96 82
2
INDUSTRIALDEVELOPMENT
BANKOFINDIA FPO 05/07/1995 GOI 187.46 2.16 1747.2 20.12 1934.66 100 7
3
INDUSTRIALFINANCECORP.OF
INDIALTD.,THE IPO 07/12/1993 525 42.42 525
4
SHIPPINGCREDIT&INVESTMENT
CO.OFINDIALTD. IPO 04/02/1991 25 33.33 25
5TOURISM
FINANCE
CORP.OF
INDIALTD. IPO 26/09/1994 51 25.36 51
SUBTOTAL 187.46 2430.2 2617.66
PSFIsatthetimeofIssue(PSFIsdefinedasFinancialInstitutionswherethedirectholdingoftheCentralGovernmentorotherPSFIsis51%ormore)
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SL.NO. COMPANY
IPO/FP O O PE NI NG DIV ES TME NT DI VE STME NT D IVE STME NT FRE SHCAPITAL FRESHCAPITAL ISSUEAMOUNT %GOVT. %GOVT.
(NAMEASATTHETIMEOFISSUE) DATE/FINANCIALYEAR BY (Rs.crore) AS%OFPOST (Rs.crore) AS%OFPOST (Rs.crore) HOLDING HOLDING
ISSUECAPITAL ISSUECAPITAL PRIORTO AFTERI SSISSUE
DISINVESTMENTBYGOVERNMENTCOMPANIESTILLDATE
1
GUJARATINDUSTRIESPOWER
CO.LTD. FPO 13/10/2005 200 19.45 200
2
GUJARATMINERAL
DEVELOPMENTCOR P.LTD. IPO 14/10/1997
STATEGOVT.
OFGUJARAT 107.48 26 87.72 100
3
GUJARATSTATEFINANCIAL
CORP. IPO 11/02/1997 47 24.71 47 68.56 5
4 GUJARATSTATEPETRONETLTD. IPO 24/01/2006 372.6 25.45 372.6
SLPEsatthetimeofIssue(SLPEsdefinedascompanieswherethedirectholdingoftheStateGovernmentorotherSLPEsis51%ormore)
. . . . . .
6OPTEL
TELECOMMUNICATIONS
LTD. IPO 30/06/1995 43.75 25 43.75
7 PUNJABCOMMUNICATIONSLTD. IPO 24/10/1994 105.27 26.17 105.27
8 PUNJABWIRELESSSYSTEMSLTD. IPO 27/10/1993 15.02 58.23 15.02
9
TAMILNADUNEWSPRINT&
PAPERSLTD. IPO 27/11/1995 220 28.57 220 48.89 3
SUBTOTAL 107.48 1023.9 1111.61
1 ICICILTD. FPO 09/09/1999 275.21 6.83 275.21
2
INFRASTRUCTURE
DEVELOPMENTFINANCECO.LTD. IPO 15/07/2005 GOI 301.24 7.89 408 10.69 1372.24 34.91 2
3 PETRONETLNGLTD. IPO 01/03/2004 391.47 34.8 391.47
SUBTOTAL 301.24 1074.68 2038.92
GRANDTOTAL 68545.72 45713.43 114902.39
OtherCompanieswhereCentraland/orStateGovernmentsand/orGovernmentCompaniesand/orGovernmentFinancialInstitutionshadthesinglelargestshareholdingatthetimeofissue
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DisinvestmentbyGovernmentCompanies:AProcess
NOTES
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DisinvestmentbyGovernmentCompanies:AProcess
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