TCIL mulls IPO; plans to offload 25% stake

By SiliconIndia   |   Monday, 31 March 2003, 08:00 Hrs
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NEW DELHI: State-owned Telcommunications Consultants India Ltd is contemplating going for an initial public offering to offload 25 per cent stake in the domestic market.

"We wish to go for an IPO, for offloading 25 per cent stake in the Indian market, immediately," TCIL chairman, GD Gaiha told Communications and IT Minister Arun Shourie, while presenting him an interim dividend cheque of Rs 18 crore for the year 2002-03.

TCIL's proposal would require clearance from the government, which currently holds 100 per cent of its share capital.

Commenting on the proposal by TCIL, Shourie said: "It is a good idea. In this case since it involves a small amount, it may not be possible to hit the overseas market, but in strong Indian companies we should have issues abroad also, so that foreign investors get to know that India is an important investment destination. That should be one of our objectives."

Gaiha said TCIL would soon take the matter to its board, and subsequently draw up a formal proposal for the ministry to consider.

The proposed offering could take four to six months to hit the market, he said.

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