SAIL shortlist’s 6 merchant bankers for its upcoming FPO Report (02-Sep-2010)
Steel Authority of India (SAIL) has shortlisted JP Morgan, Deutsche Bank and four other merchant bankers to manage its proposed follow-on public offering (FPO) which plans to raise up to Rs 16,000 crore as mentioned in some media reports. The other 4 bankers shortlisted include HSBC, SBI Capital, Enam Securities and Kotak Mahindra Capital. Those which participated in the race to win the bid to manage the issue were JM Financial, Morgan Stanley, Nomura Holdings, Royal Bank of Scotland Group and UBS.
If some media reports are to be believed then only those book running lead managers were shortlisted which had their bid for fees as low as 0.00000000001% that is less than 1 paisa in fees.
The company which is likely to bring the FPO in January than scheduled November plans to dilute Government holdings up to 5% and to issue additional shares equal to 5% of its existing share capital to mop up around Rs 16,000 crore.
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