Economy

DIPAM to appoint legal advisors for IPOs of WAPCOS, TCIL

Updated : December 23, 2019 02:58 PM IST

According to Disinvestment Department (DIPAM), SNG & Partners, L&L Partners are in fray for both WAPCOS and TCIL while for WAPCOS, Cyril Amarchand Mangaldas and Crawford Bayley & Co are in the competition.

Taking forward the IPO process, the legal advisors are likely to be appointed for water consultancy PSU WAPCOS and government-owned telecom firm TCIL on January 3 for which SNG & Partners, L&L Partners and Crawford Bayley & Co are in the fray after being shortlisted.

WAPCOS and Telecommunications Consultants India (TCIL) are part of a plan of the Centre for listing where IRCTC, RITES have already been listed. In case of TCIL, the government may sell 25 percent stake. WAPCOS, a Mini Ratna-I category technology-driven consultancy and engineering-procurement-construction organisation, falls under the Ministry of Water Resources.

TCIL has posted Provisional Operating Turnover in September, 2019 for the FY 2019-20 is Rs 700.41 crore against Rs 625.09 crore for FY 2018-19 in the same period a year ago.

Government has a target of Rs 1.05 crore from stake sales of CPSEs and listings but so far no big-ticket disinvestment has taken place. It is expected that BPCL and Air India will happen this fiscal with only 3 months away to end.

In the fiscal Rail Vikas Nigam Ltd. (RVNL) fetched Rs 475 crore in IPO. CPSE-ETF fetched Rs 10,000 crore through FFO-V and Bharat 22 ETF fetched Rs 4,369 crore under FFO 2. IRCTC's listing fetched Rs 638 crore via listing. Recently Bharat Bond ETF had garnered Rs 12,000 crore which is 1.7 times over subscription.

DIPAM to appoint legal advisors for IPOs of WAPCOS, TCIL

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