The government is believed to have zeroed in on DSP Merrill Lynch for appointment as advisor and UBS and I-Sec as lead manager for the proposed public offer in Bharat Petroleum Corporation as part of the divestment programme for 2003-04.

The Core Group of Secretaries on Divestment is understood to have recommended these names and the appointment is likely to be made in a day or two after the return of Divestment Minister Arun Shourie, who is on a foreign tour, sources said.

The latest meeting of the CGD held this week also firmed up transaction documents for divestment of National Fertilser Corporation and Hindustan Organic Corporation, sources associated with the divestment exercise said.

In the case of NFL and HOCL the revised documents would now be taken to the Cabinet Committee on Divestment for final clearance before calling for financial bids.

The CCD, chaired by Prime Minister Atal Bihari Vajpayee on January 26, this year had approved public offer for BPCL shares in domestic and international markets for 35.2 per cent shares.

It was also decided to offer five per cent equity each in the oil majors to employees at concessional price.

After the divestment, government equity in BPCL would be reduced to 26 per cent.