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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (6638)	9/9/1999 10:56:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

MTNL to retain Goldman Sachs,HSBC and Merrill Lynch for domestic issue nic.in Date: 9/9/99 7:25:49 PM (Probity) The Indian government has decided to retain the three investment banks which managed an earlier global depository receipt (GDR) issue of Mahanagar Telephone Nigam Ltd (MTNL) for a forthcoming offering, the firm`s chairman said on Thursday. Goldman Sachs, HSBC Investment Banking and Merrill Lynch were the joint global co-ordinators for a GDR issue by the state-controlled company, which raised 16.35 billion rupees ($375.86 million) in November 1997. "I understand, maybe the same global coordinators (are being appointed). I have not got the letter from the government, but informally I came to know this," MTNL's Chairman and Managing Director Mr. Srinivas Rajagopalan told reporters. The government plans to disinvest 19 million shares of MTNL. The company is planning to list its GDR on the New York listing by December, Mr. Rajagopalan added. MTNL's share closed at Rs 188.30 on the BSE on Thursday. MTNL has tied up with two banks, the Indian Overseas Bank and ICICI Bank, to facilitate on-line payment of telephone bills. MTNL is hoping to achieve a subscriber base of 100,000 each in Mumbai and Delhi by next year, for its Internet services, according to Mr. Rajagopalan.