BPCL to be listed on US stock exchanges |
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Bangalore: The Securities and Exchange Board of India (SEBI) has given a go ahead to the government to list NALCO and BPCL shares simultaneously on the domestic and American stock exchanges, Union Disinvestment Minister Arun Shourie said. SEBI Chairman G N Bajpai had given the clearance and the government was considering a simultaneous issue in the American Depository Receipts (ADR) and Indian market, Shourie told reporters here last night. Declining to comment on a specific time-frame for the issue, Shourie said the core group of secretaries would take a decision on the proposed disinvestment of BPCL. Currently, 66.2 per cent stake in BPCL is held by the government and it plans to dilute 10 per cent in the domestic market, 25.2 per cent through ADRs and allot five per cent to employees at a concessional rate. Shourie said disinvestment in Maruti through an IPO was a success due to a strong strategic partner (Suzuki). "It is an individual success", he said adding the Maruti issue had been over-subscribed by four times. Stating that the largest investment funds in the world had invested substantially in the issue, Shourie said they are looking at investment opportunities in India. "This shows that India can succeed even in manufacturing and it offers an opportunity for us to catch, build upon it and run".
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