To push ahead with the divestment of Oil and Natural Gas Corp and Gas Authority of India [ Images ] Ltd, the government is likely to appoint as many as five advisors for the public offer of shares of the two companies.

The public share offerings are slated to hit the market within this financial year.

The Divestment Development: Complete Coverage
Click here to take today's poll

While three advisors could be given mandate for divestment of 10 per cent equity in ONGC [ Get Quote ], another two could take charge for the Gail issue, sources associated with the divestment process indicated.

A limited number of merchant bankers have made their presentations following a decision to restrict the participation to those who had either been shortlisted or selected in last four divestment cases.

As of now, DSP Merill Lynch, Kotak, Morgan Stanley, ICICI [ Get Quote ] Securities and HSBC are in the race for being appointed as advisor for the ONGC issue, sources said.

Divestment ministry has not ruled out the possibility of going for an ADR float, saying it would depend upon the depth of the domestic market.