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6 merchant bankers in fray for govt's HZL stake sale

Rediff  

Six merchant bankers are vying to handle and manage the sale of the government's 29.53 % residual stake in Hindustan Zinc Ltd (HZL). ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations before the government officials. The names of selected bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12. The Department of Investment and Public Asset Management (DIPAM) had, in early July, invited bids from merchant bankers for managing HZL residual stake and set July 28 as the deadline for placing bids. The selected merchant bankers would assist the government on the timing of the divestment, get investor feedback, and hold investor road shows, besides seeking regulatory approvals. HZL was a Central Public Sector Enterprise (CPSE) under the administrative control of the Mines Ministry and was privatised in 2002.