Concor Gdr Flotation Only After Elections

The government yesterday put Container Corps GDR issue on hold till after the elections. The roadshows were earlier scheduled to kick off on February 7.

An official spokesman said the core group of secretaries on disinvestment had decided to postpone the issue to a more opportune time. The issue would be taken up after the formation of the new government, he added.

Government sources said the decision to defer the issue was prompted by grim demand projections. Sources said the pre-market survey had revealed that inves-tors were willing to take up the offering only at a discount to the prevailing market price of Rs 420.

The fate of VSNLs proposed international offering is not yet known. However, indications are that its proposed GDR issue will also be put on hold till the elections are over, although the GDRs are expected to fetch a premium in the international market.

The government was hopeful of mobilising about Rs 400 crore from the proposed Concor GDRs. Concor was to simultaneously float a domestic IPO. The roadshows were to begin on February 7 and go on till February 24.