For the selling of its shares on stock markets, the government is looking to appoint merchant bankers and legal counsel.

In order to assist the government in selling its shareholding in corporations through an offer for sale, the Department of Investment and Public Asset Management (DIPAM) has issued a request for proposals for merchant bankers and legal counsel. Appointment terms are for two years, with an option for an additional year (OFS).

Merchant bankers will be required to assist the government on the timing and the modalities of the OFS, as well as how to structure the transaction in accordance with the Securities and Exchange Board of India’s current regulatory framework (Sebi). In order to pique the interest of potential investors, they will also need to organize meetings with the major investors and do market research.

Up until the conclusion of all actions related to OFS, legal advisors will be necessary to create, review, and finish the notice for filing with stock exchanges and draft responses to questions from Sebi, stock exchanges, and depositories.

Legal counsel and merchant bankers may provide a price as low as one rupee. By October 20, they must submit their offers to serve as the middleman.

The government has been successful in raising Rs 9,110 crore in the current fiscal year by selling Axis Bank, NMDC, Hindustan Copper, and Housing and Urban Development Corporation.