The selection of a merchant banker to manage the sale of government´s 10 per cent stake in Indian Oil Corp (IOC) has been postponed, the Finance Ministry has said. Merchant bankers were earlier scheduled to make their pitch tomorrow for selection as manager to the public offer, but the event has been postponed with no new dates intimated. The Department of Disinvestment (DoD) had on January 21 invited bids from merchant bankers to manage the share sale of the PSU oil retailer. They were to submit their bids by yesterday. In a notice posted on the website, the DoD said the meeting of the Inter-Ministerial Group (IMG) for selection of merchant bankers and legal advisors for IOC ´stands postponed´.
The qualified interested bidders were scheduled to make a presentation of their credentials before the IMG, which is chaired by the Disinvestment Secretary.
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