UTI Bank leads PACL selloff advisor race

CHANDIGARH: UTI Bank, PricewaterhouseCoopers and Deloitte Touche Tohmatsu have been shortlisted by the Punjab directorate of disinvestment for appointment as global advisor for disinvestment of Punjab Alkalies and Chemicals Ltd (PACL).
The directorate of disinvestment had sought expression of interest (EoI) by August 23 for disinvestment of Punjab State Industrial Development Corporation’s (PSIDC) shareholding in PACL.
Although the response had been lukewarm, only nine parties had given their expression of interest. They had been called yesterday to make presentations to the directorate of disinvestment.
Bajaj Capital had expressed its inability to come. Of the other eight, three companies were shortlisted and their financial bids opened.
The eight companies are PwC; Grant Thronton, Delhi; IFCI, Mumbai; UTI Bank; Surana and Surana, Chennai; Karvy Investors, Hyderabad; Allianz Securities, Delhi and Deloitte Touche Tohmatsu.
The three companies whose financial bids were opened were PwC, Deloitte Touche Tohmatsu and UTI Bank Ltd. However, it is learnt that UTI Bank has been finally shortlisted primarily due to its lowest bid.
Now the matter will come up before the core committee headed by Punjab chief secretary Y S Ratra here tomorrow for final approval.
The directorate of disinvestment has also received expression of interest (EoI) from 21 parties for appointment as global advisors for PSIDC’s 23.5% in Punjab Tractors Ltd, which the corporation intends to offload on.
The last date for EoIs was August 29. The directorate of disinvestment has called all concerned parties to make their presentations on September 10, Punjab disinvestment commission director Vini Mahajan said.
PSIDC which has a 44.26% stake in PACL is to offload its entire holdings in Punjab Alkalies and with it the management control through an international competitive bidding process.