Besides, Crawford Bayley & Company and SNG & Partners have bid for being the legal advisor for the planned offer for sale (OFS).
The merchant bankers and the legal advisors would make a virtual presentation before the Department of Investment and Public Asset Management (DIPAM) on January 5, the notice on DIPAM website said.
Following the presentation, the financial bids of the eligible bidders would be opened by DIPAM.
The government is planning to sell up to 15 per cent stake in RVNL, and had in October invited bids from merchant bankers and legal firms for managing the share sale process.
The government currently holds 87.84 per cent stake in RVNL.
The responsibilities of the merchant banker include advising the government on the timing and the modalities of the OFS, ensuring best return to the government, conducting market survey, domestic and international road shows and investor meetings.
Shares of RVNL on Tuesday closed 1.29 per cent lower at Rs 22.90 on the BSE.
At the current market price, a 15 per cent stake sale would fetch about Rs 700 crore to the exchequer.
RVNL had posted a profit after tax of Rs 789.86 crore during 2019-20. As on March 31, 2020, it had a net worth of Rs 4,499.77 crore.
During the current financial year, the government has mopped up Rs 12,667 crore through minority stake sale in central public sector enterprises (CPSEs) and share buybacks.
