The Department of Investment and Public Asset Management (DIPAM) has invited request for proposal (RFP) from merchant bankers for the listing and disinvestment of Telecommunications Consultants India Limited (TCIL).

The government plans to disinvest 15 per cent equity in TCIL. Further, the company will issue 10 per cent fresh equity shares through initial public offering (IPO) to raise funds

The move is expected to generate around Rs 11-12 billion for the government.

As per sources, the IPO may help in TCIL’s expansion plans, ongoing projects and its US subsidiary by mobilising around Rs 4-5 billion. While the sale of 15 per cent share by the government may fetch around Rs 6-7 billion.