Central Bank is expected to submit a shortlist of investment bank proposals for the monetary board, to raise a dollar loan for the government.
Four global investment banks have been short-listed out of twelve applicants to raise US$ 350 mn for the government in the overseas financial markets. rn
rnThe shortlist will be presented to the monetary board and the ministry of finance in the next few days. Analysts say investment banks are likely to be called to give firm bids before a lead arranger is chosen for the issue.
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rnKey monetary board and finance ministry officials are however overseas, and decisive action is not expected until they return. rn
rnTwelve leading investment banks expressed interest when the central bank called for proposals to raise dollars a few weeks ago.rn
rnOne or more investment banks from the short list are expected to get the mandate to raise the money by the end of the year.rn
rnThe lead arranger or joint lead arrangers will then prepare a prospectus and arrange road shows to raise the money.rn
rnEarlier, government plans to issue reconstruction bonds were shelved in favor of raising the dollar funds.
Economists say the issue, if successfully completed, will enable authorities to establish a healthy balance between rupee and dollar borrowings.
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(LBR)rn