The week-long roadshow for public offer for government's residual equity in IPCL would begin on Tuesday in Mumbai, in the presence of Mukesh Ambani, chairman of Reliance Industries which took over IPCL's management control.
According to sources associated with the process, the roadshow for IPCL public issue is first of the six forthcoming public offers for government equity, where divestment minister Arun Shourie is also expected to be present.
"Ambani will be present during the roadshows in Mumbai and London. Other members of the team, comprising top brass of Reliance, will then proceed to New York, Boston, San Francisco and Los Angeles. Another team would go to Singapore and Hong Kong for the roadshows," sources told PTI in New Delhi.
The roadshows for IPCL would continue till February 24.
The public offer, which is being conducted through the book building route, would open on February 20 and close on February 27.
Sources said two joint secretaries in the ministry of petrochemicals would also be present during the IPCL roadshows.
After selling its 26 per cent equity to Reliance Industries Ltd in 2002 for Rs 1491 crore (Rs 231 per share), the government now holds about 33.95 per cent stake in IPCL.
Of the residual stake, about five per cent would be given to employees, while the remaining 29 per cent stake would be offloaded in the market.
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