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Coal India initiates dialogue for IPO

Coal India initiates dialogue for IPO
PTI
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First Published: Mon, Jun 08 2009. 05 24 PM IST
Updated: Mon, Jun 08 2009. 05 24 PM IST
New Delhi: Coal India on Monday said it has initiated dialogues with the government for its initial public offer and the navratna public sector unit could be listed soon as the market scenario has turned favourable.
“May be yes. We have initiated dialogue with the government. Market conditions are favourable now,” said Coal India chairman P.S. Bhattacharyya when asked if the coal major could get listed soon on the bourses.
“Our shareholders, including the government, will be benefited,” Bhattacharyya said.
“We have been primarily thinking of an IPO. It could be disinvestment, or a mix of both IPO and disinvestment,” he said.
The company could also offer shares to its employees and also those people from whom it acquires land for mining purposes, the chairman said.
The firm, which has an authorised capital of Rs8,000 crore, was given the navratna status in October 2008 and as per the rules, it has to get listed within three year’s ending October 2011.
The listing could also strengthen the firm’s resettlement and rehabilitation policy, as shares could be offered to those losing their land, in addition to other compensation, against their asset, he said.
“People losing their land can be made our shareholders and thus become beneficiaries of our profit. We will also look to offer shares to our employees,” he said.
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First Published: Mon, Jun 08 2009. 05 24 PM IST