The Department of Disinvestment (DoD) has instructed public sector undertakings (PSUs), looking to raise funds from the capital market, to sort out administrative issues and complete their due diligence processes. In order to ensure that time structure to make offer in the capital market, will not clash with each other, the department will specify a time frame for each company.
According to a senior DoD official, "We're ready with IPOs of Oil India and National Hydroelectric Power (NHPC). The other PSUs have been directed to expedite their due diligence process so that they do not face any hitch while filing the red herring prospectus (RHP) with the Securities & Exchange Board of India (Sebi). This will help in streamlining the whole process and determining which PSU should be allowed to tap the market first.The government also wants PSUs and their administrative ministries to solve differences with employees to ensure that there is no difficulty during filing the prospectus.
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