ISLAMABAD - Gearing up efforts for the sale of bonds exchangeable into Oil and Gas Development Co (OGDCL) shares to get rid of from ever soaring financial tragedy, Pakistan has short-listed two consortia with the aim of raising more than $500 million. The first consortium, which also ranked on top, is consisted of Citibank, JP Morgan, Credit Suisse and BMA Capital while the second consortium is consisted of Barclays Bank, Standard Chartered Bank, Merrill Lynch/Bank of America and KASB. However, the Privatisation Commission (PC) Board on Monday authorised a six-member committee to negotiate with them. It is not out of place to mention that Pakistan was gearing up for its second attempt to launch an offshore exchangeable bond and the deal would mark the countrys return to the international capital markets for the first time since 2007. However, the country was forced to shelve a similar deal in 2008 due to the global financial crisis, huge deficits and political instability but this time it hopes to present a picture of improving credit with a current account surplus in the first nine months of fiscal year 2010/11. The govt has a 74.82pc stake in OGDCL, and the bonds equate to 430m OGDC shares if fully converted, or about 10 percent of the companys issued share capital. The PC board, which met under the chairmanship of Ghous Bux Khan Mahar Federal Minister for Privatisation here, was informed that the recommendations of the Pre-Qualification Committee (PQC) constituted by the PC Board, jointly administered by the Privatisation Commission (PC) and the Finance Division including members from Securities and Exchange Commission of Pakistan (SECP), Ministry of Petroleum and Natural Resources (M/o PNR), Oil and Gas Development Company Limited (OGDCL), has evaluated the RFP package during a presentations session by the interested parties (IPs) and evaluated the technical and financial bids of the interested parties and pre-qualified two parties i.e. Citibank, JP Morgan, Credit Suisse, and BMA 2. Barclays Bank, Standard Chartered Bank, Merrill Lynch/ Bank of America, and KASB, and ranked Citibank, JP Morgan, Credit Suisse and BMA Consortia on top. The PC Board constituted two negotiation committees for the appointment of Financial Advisory Consortia (FAC) and issuers Legal Counsel for the Exchangeable Bonds of OGDCL. The Secretary Privatisation Commission Imtiaz Hussain Kazi conducted proceeding of the meeting while senior officials of Finance, Petroleum and Natural Resources Divisions, OGDCL and Privatisation Commission attended. The board further authorised a six member committee to negotiate with the top ranking consortia and inform the PC Board about the outcome for proceeding further with the hiring process for the appointment of Financial Advisory Consortia for the issuance of OGDCLs Exchangeable Bonds by monetizing up to 10 percent of GoP shareholding (up to 430,000,000 shares) in OGDCL (Transactions). The Committee includes the representatives of Finance Division, State Bank of Pakistan among its members.