These financial markets firms will be making presentations for book running lead managers (BRLMs) for the RailTel IPO before the IMG or inter-ministerial group on July 3.
As legal advisors, DSK Legal, Khaitan & Co and Crawford Bayley have been shortlisted for the presentations and they will also make financial bids on July 3 for the final selection.
The government is looking to divest up to 25 per cent stake in RailTel Corporation. The merchant bankers will manage the entire listing process, according to a DIPAM notice.
The government will appoint up to three merchant bankers to manage the listing process and had invited bids from them by June 11. The paid up share capital of the Railway PSU stands at Rs 320.93 crore and profit after tax for 2017-18 was Rs 156 crore. As on March 31, 2018, RailTel's net worth stood at Rs 1,249 crore.
"The Government of India is considering to divest up to 25 per cent paid up equity share capital in RailTel out of its 100 per cent in the domestic market through initial public offer (IPO)," the Department of Investment and Public Asset Management (DIPAM) said while inviting bids from merchant bankers.
The government has raised Rs 476 crore by selling a 12 per cent stake in Rail Vikas Nigam Ltd (RVNL) through IPO.
In the current fiscal, DIPAM is also planning to launch IPOs of two other rail central public sector enterprises - Indian Railway Catering and Tourism Corp (IRCTC) and Indian Railway Finance Corp (IRFC).
The government has budgeted to raise Rs 90,000 crore through PSU divestment in the current fiscal, compared to Rs 84,972 crore raised in 2018-19.
( With inputs from IANS )