Eigth in fray for Nalco advisorship

new delhi: as many as eight merchant bankers including dutch financial giant abn amro are in the fray for appointment as global coordinators-cum-advisors for disinvestment of government equity in national aluminium company. “there are around eight players in the race for appointment as global coordinator-cum-advisor for the proposed disinvestment in nalco,� banking industry sources said. the other big contenders include kotak mahindra and sbi caps. expression of interest for advisorship closed on march 27. inter-ministerial group on nalco disinvestment is expected to meet soon to select gca. the government proposes to offload 30 per cent stake in the aluminium major through a capital market offering including a 10 per cent domestic offering to be followed by a 20 per american depository receipt issue. this would be followed by a strategic sale of 29.15 per cent equity in the third stage, thus bringing down government equity to 26 per cent, down from 87.15 per cent currently. img would select one merchant banker as gca while it may appoint two players for coordinating adr issue. gca would form a syndicate including co-lead managers and co-managers. the gca would be required to advise government on timing of the domestic issue and guide government on regulatory issues including listing requirements. pti