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Coal India to discuss IPO modalities with Sebi

Coal India to discuss IPO modalities with Sebi
PTI
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First Published: Tue, Sep 01 2009. 04 54 PM IST
Updated: Tue, Sep 01 2009. 04 54 PM IST
New Delhi: The Coal India disinvestment process moves a step forward later this week as a delegation of senior officials of the coal ministry and the company are scheduled to discuss modalities of an initial public offer with the markets regulator Sebi in Mumbai.
Coal India director finance S Bhattacharya and chief general manager (finance) H Sarcar along with the coal ministry director (finance) Anil Kapoor are expected to meet the Securities and Exchange Board of India (Sebi) executive director, Usha Narayanan, on Friday.
“Coal India is preparing itself for the initial public offer (IPO). It is a preliminary meeting to understand certain rules and regulations of Sebi before we come out with the offer,” a Coal India official told PTI, requesting anonymity.
Coal India Ltd is in process of finalizing the disinvestment proposal and last month held discussions with the disinvestments secretary Sunil Mitra on the stake-sale and the IPO.
The government is working on selling “5-10%” of its stake in the company. The company has a paid up equity capital of about Rs6,316 crore. The coal ministry has given its nod to the company for slashing face value of its shares to Rs10 from Rs1,000, a move aimed at expanding firm’s equity base.
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First Published: Tue, Sep 01 2009. 04 54 PM IST
More Topics: CIL | Coal India | IPO | Stake | Disinvestment |