The company, which has decided to restructure its operations by spinning off its three portals - bengalonthenet.com, fashionindia.net and miningindia.com - into three separate companies, has planned to go for its first initial offering by March 2001.Two major consultants, PricewaterhouseCoopers and Arthur Anderson, have already approached the company to calculate the value of its portals.

Web Development Company (WDC), promoted by three young entrepreneurs, Rahul Todi, Harsh Hada and Rahul Sharma, was started about two years back. DSP Merrill Lynch is helping the company in offloading its 10 per cent stake."The deal has been finalised and will be signed by this weekend, Todi said. He however did not disclose the name of the local venture capital or the size of the deal.

Company sources, however, added that DSP Merrill Lynch had already valued WDC and it was worth about Rs 30-40 crore. "So, a 10 per cent dilution of stake would infuse around Rs 3-4 crore in the company," sources said.He also said that DSP Merrill Lynch would be helping the company in planning its initial public offering. "In principle, we have decided to go for the IPO by March next year. However, we have not yet applied to the Sebi for the permission. Merrill Lynch would be helping us in finalising the size of the issue and on other details, including the time," Todi added.

WDC has already decided to sell of the portals. Todi said that the valuation of these portals would be done for this purpose.

"Arthur Anderson and PwC approached us to say that they have buyers for bengalonthenet.com but they have not disclosed the name. The valuation is done for that purpose. Once it is over we are likely sell off all the three portals," Todi added.