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This is an archive article published on September 10, 1999
MTNL GDR issue in Oct
NEW DELHI, SEPT 9: Mahanagar Telephone Nigam Ltd's MTNL proposed disinvestment of 19 million government shares would hit the market by ...
Written by Press Trust Of India
September 10, 1999 12:00 AM IST
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NEW DELHI, SEPT 9: Mahanagar Telephone Nigam Ltd8217;s MTNL proposed disinvestment of 19 million government shares would hit the market by the end of October, a top company official said here today.
quot;We are expecting to hit the overseas market for the global depository receipt GDR issue by the end of next monthquot;, MTNL chairman and managing director S Rajagopalan told newspersons.
He, however, said that no final decision has been taken on whether to divest part of the equity in the domestic market along with the GDR issue.
Regarding appointment of global coordinators, Rajagopalan said it was likely that the same coordinators who were earlier given the responsibility of MTNL8217;s GDR issue in 1997 Goldman Sach, Hong Kong and Shanghai Banking Corporation HSBC and Merill Lynch would be appointed.
Cabinet had decided to divest up to 19 million shares in MTNL through an institutional offering in GDR or in the domestic market with an expected revenue in the range of Rs 400 crore.
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