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January-March timeframe set for VSNL issue

The issue size may also be increased from 10 million to 11 million shares, official sources say.

T O D A Y

• Ashok Trivedi speaks • VSNL issue • SAP Labs India opens • Y2K stumps China

The issue would be opened simultaneously for domestic and overseas investors through a common book-building programme.

The domestic retail issue of 690,000 shares would follow the current offering.

The actual schedule will only depend on market conditions. Preparation for the float is not expected to take long because overseas investors are familiar with the VSNL scrip.

However, at least two to three weeks of work would go into launching the issue because some marketing effort may be called for.

Increasing the size of the divestment in VSNL to 11 million shares would reduce the government's stake in the company from 64.97 per cent to 53.03 per cent. If the issue size were to be only 10 million shares, the government's stake would have been higher at 54.12 per cent.

- Compiled from the Indian media

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