New Delhi: In a bid to accelerate the process of public offer in auto giant Maruti Udyog (MUL), officials of Disinvestment Ministry and Suzuki Motor Corporation on January 15 met merchant bankers and are understood to have decided to file the prospectus before market regulator Securities and Exchange Board of India (SEBI) by next month.

SMC and ministry officials, representing the two sides in the joint venture, also decided to meet on a weekly basis to ensure that public issue for divestment of government's 25 per cent of the 45 per cent equity was completed by March 2003.

Immediately after emerging from the meeting, SMC representative and director, marketing and sales, MUL, K Saito said, "We had a good meeting and we (SMC) are totally co-operating."

He, however, declined to comment on the target for completion of IPO through book building route.

Asked if they had come for discussion and finalisation of prospectus for the public issue, another SMC representative S Nakanishi, accompanied by MUL managing director Jagdeesh Khattar, said, "Yes... something of that kind."

Disinvestment Secretary Pradeep Baijal, who along with Heavy Industry Secretary Naresh Narad was representing government during the meeting with investor bankers, said, "We have decided to meet on a weekly basis to monitor the progress. We will strive to complete the public issue by targeted March 31."

It was also decided during the meeting that MUL would provide all the information including balance sheets and other relevant financial details to merchant bankers for finalisation of prospectus in the next few weeks, sources said.

The Disinvestment Ministry is also understood to have decided on appointment of Crawford & Bailey as the domestic legal advisor for the public offer.

Along with the legal advisor, the merchant bankers for the IPO, ICICI Securities, Kotak Mahindra and HSBC, will report the progress on IPO every Tuesday to Disinvestment Ministry and SMC in the weekly monitoring meeting, sources said.

A participant of the meeting said that there would be no requirement for the International Accounting Standard (GAAP) for the proposed issue that is being dubbed as a major domestic IPO on international platform.

PTI