Jp Morgan Appointed Lead Manager For Concor Issue

The core group on disinvestment has appointed JP Morgan as the lead manager for shedding the government stake in the Container Corporation of India (Concor). SBC Warburg and HSBC will co-lead the issue. The disinvestment commission had recommended dilution of government stake in Concor to 51 per cent through issue of 125 lakh shares to raise nearly Rs 300 crore. The government now holds 77 per cent stake in the company, the rest being with foreign institutional investors (FII). The Centre had disinvested 23.06 per cent in the firm in two tranches earlier. Concor was incorporated in 1988 under the ministry of railways and had recorded a net profit of Rs 53.1 crore during the 1996 financial year.