New Delhi: The central government on Friday initiated the process of 12.03 per cent stake sale in the India Tourism Development Corporation (ITDC), through which it could obtain around Rs 260 crore. The Department of Investment and Public Asset Management (DIPAM), earlier known as Disinvestment Department, invited bids from merchant bankers and selling brokers to assist and advise the government in the disinvestment process of ITDC. "The government is considering divesting 12.03 per cent paid-up equity share capital of ITDC out of its shareholding of 87.03 per cent in domestic market through offer for sale," said the notice of tender floated by the department. The merchant bankers will need to submit proposals to the government by July 21. Its scrip on Friday closed at Rs. 248.95, down 5.59 per cent on BSE from the previous close. At the current market price, the share sale could fetch about Rs 260 crore to the exchequer. The corporation has a network of eight Ashok Group of Hotels, five JV hotels, one restaurant, 11 transport units, and nine duty-free shop at airports and seaports. ITDC, which commenced operation in October 1966, is running a hotel at Bharatpur and a restaurant at Kosi on behalf of the Department of Tourism. It also manages catering services at Western Court, Vigyan Bhawan and Hyderabad House, New Delhi. The government plans to mop up Rs 56,500 crore through stake sale in public sector undertakings (PSUs) and ITDC stake sale is set to add to the divestment kitty. Of the total, Rs 36,000 crore is expected to come in from minority stake sale in PSUs and another Rs 20,500 crore from strategic stake sale in both profit- and loss-making PSUs. So far, it raised about Rs 2,700 crore from stake sale in NHPC and another Rs 240 crore through employee subscription of IOC stake sale.