Seven investment bankers have made presentations to the top IA management on IPO, financial restructuring and devising stock options for employees of the national carrier.

The banks including HSBC Capital Markets, Morgan Stanley-J M Financial consortium, SBI Capital Markets, ICICI Securities, UTI Securities, Industrial Development Bank of India (IDBI) and Bank of Baroda Capital Markets have made their presentations to the IA management on mobilising fresh funds through commercial borrowings.

Sources in IA confirmed the presentations made by the banks when contacted. However, they said presentations were for internal purpose and IA was yet to receive government nod for the public issue and financial restructuring.

The IPO is part of a proposal to bring down government's holding in thecompany to 49 per cent in the next three years.

Dilution of government holding is in line with the Kelkar committee recommendations to improve the financial performance of the national carrier which made a turnaround in 1997-98 with net profit of Rs 45 crore. In order to improve the financial performance of IA, Finance Minister Yashwant Sinha in the Union Budget 1998-99 had called for infusion of Rs 125 crore as fresh equity at par.