The Disinvestment Ministry has turned down GAIL India Ltd’s proposal to go for a Global Depository Receipt issue as part of the government’s plans for disinvestment of 10 per cent equity in the gas major, and has asked the company to stick to its earlier plans of tapping the domestic market. According to sources, the ministry has written to GAIL, clarifying that GDR was not envisaged as part of the proposal by the government to offload its 10 per cent stake through public offer. GAIL had proposed a GDR issue of 2.5 per cent of its equity in case domestic retail investors do not subscribe to the public offering of 8.4 crore equity shares planned by the government in March.
