Delhi: The domestic and American Depository Ratio
(ADR) issues of National Aluminium Company (Nalco) to
sell the government stake in the company are likely to
hit the market around November-December 2003, says a senior
disinvestment ministry official. "We are working
towards completing the public offer of shares in Nalco
company''s audited annual accounts are likely to be made
available by July 2003, after which the work on converting
the data into Indian GAAP for the domestic offering and
US GAAP for the ADR issue will be initiated.
will be followed by the filing of the draft prospectus
with the Securities and Exchange Board of India and the
Securities and Exchange Commission of the US for securing
their approvals for the domestic and ADR issues.
Cabinet Committee on Disinvestment had decided to sell
10 per cent of the government shares in Nalco through
domestic, 20 per cent through ADR offerings and 29.15
per cent through strategic sale to bring down the equity
in the company to 26 per cent from the current level of
87.15 per cent.