Govt shortlists 15 bidders for a stake in Nalco
Govt proposes to disinvest 60 per cent stake
The government has short-listed nearly 15 prospective bidders, including Sterlite Industries and Hindalco, for strategic sale of National Aluminium (Nalco). All but one of the 15 bidders had pre-qualified.
Global advisors have dispatched documents pertaining to the sale to bidders. The move to replace the data room visits by a software that enables setting up of a `virtual data room`, will help the government and bidders to save time and cost associated with a mechanical exercise.
It would offer 29 per cent to a strategic partner, while 20 per cent will be offloaded through the ADR route, and the rest will be offered to retail investors. ABN Amro, Rothschild, and Enam Securities have received the mandate to act to global advisors, while ICICI Securities and JP Morgan have been appointed as co-book runners. Other bidders include Aluminum Pechiney of France, Russian Aluminum, Glencore of Switzerland, Alcan and Alcoa.
Meanwhile, Nalco’s first quarter results moves up by just about 8.5 per cent to Rs. 6.76 million leading to a 36 per cent drop in net profit.
