The offer for sale of the government's residual stake in CMC Ltd will open on February 23, 2004, and close on February 28, even as the Tata-controlled company is planning global roadshows to promote the sale.

"We are offering over 3.976 million equity shares of Rs 10 each for the 26.25 per cent fully diluted post-offer paid-up capital of the company," CMC managing director and chief executive officer R Ramanan said in Mumbai on Tuesday.

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The price band of the offer would be announced only a day before the opening date of the bid, he said.

The offer is being made through a 100 per cent book-building process, wherein up to 50 per cent of the offer shall be allocated on a discretionary basis to Qualified International Buyers, he said.

Further, not less than 25 per cent of offer would be allocated on a priority basis to Non-Institutional Bidders (NIBs) and not less than 25 per cent of the offer would be for retail bidders, subject to valid bids being received at or above the offer price, he added.

HSBC Securities and Capital Markets (India) Pvt Ltd and Enam Financial Consultants Pvt Ltd are the book running lead managers of the issue.

At present, the Tatas hold 51.3 per cent stake in the company, public and others hold 22.4 per cent, while the remaining 26.3 per cent is held by the Government of India.

After the proposed sale, the Tatas would continue to hold the 51.3 per cent stake, and the remaining 48.7 per cent would be held by public and others, he said.