BANGALORE: "As you have seen, the market reacts best when there is a strategic partner. Nalco will also have a strategic partner. The SEBI (Securities and Exchange Board of India) chairman has said that it (the board) favours simultaneous issue both in New York and Mumbai," Shourie said here Monday night. Asked if the government's plan to approve a simultaneous issue of the state-owned aluminium company's initial public offering (IPO) was "imminent", Shourie said: "That is the decision of the government". The government plans to disinvest in Nalco in November. It plans to offer about 10 percent of the equity in the domestic market and offload about 20 percent through AD Shourie was excited that India's largest carmaker Maruti Udyog's IPO had received overwhelming response from retail investors also. "Maruti was oversubscribed four times this afternoon (Monday). It shows that Indians are looking at investing," he said. "It is not a vote of confidence alone but the largest funds in the world are also looking at India for investment. It becomes a vote of confidence for India. It also means that India can succeed in manufacturing too." The government is diluting its stake in Maruti from the current 45.5 percent to 20 percent through the sale of 72.24 million shares. The government has the option to offer an additional 7.22 million shares.
Source: IANS