GOVERNMENT SELLS ITS SHARES OF ICI
(INDIA) LTD.
The
Government of India finalised the sale of its 9.2% stake in ICI
(India) Ltd. (3760783 shares of face value Rs.10) to Asian Paints,
the highest bidder @ Rs.205 per share yesterday.
The Cabinet had
approved the proposal in 1998 for sale of GOI shares held in ICI
(India) Ltd. An Empowered Committee comprising of Secretary (Fertilizers),
Secretary, Department of Public Enterprises and Chief Economic
Advisor, Department of Economic Affairs was constituted for this
purpose. Secretary, Disinvestment was also associated as a special
invitee to the decision making process.
ICICI Securities
was the financial advisor for the transaction. The sale of shares
was by auction through a public notice. The notice for sale was
released and bids were invited from registered persons for which
the last date was 22.10.2003. It evoked good response and bids
were received from mutual funds, institutions and corporate bodies.
The highest bidder was Asian Paints. Accordingly the sale was
finalised on October 22, 2003 in favour of Asian Paints for a
total value of Rs.77.09 crore.
