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| CIL board to take up selloff plan tomorrow |
| Press Trust of India / New Delhi Dec 21, 2009, 21:56 IST |
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The board of state-run Coal India (CIL) will meet tomorrow to discuss appointment of legal advisors and merchant bankers for its proposed disinvestment, for which it is pursuing the government to sell 15 per cent stake, sources said.
"The CIL board will discuss the measures to expedite the proposed disinvestment in the company. It will discuss the issues regarding appointment of legal advisors and merchant bankers to advice it on the matter," a government official told PTI today.
The coal major has already requested the Coal Ministry that the government dilute 15 per cent of its stake as it wants to reserve 5 per cent shares for people whose land was acquired for mining purposes and also for its employees.
Coal Minister Sriprakash Jaiswal, however, had earlier said the Navratna company could sell a maximum of 10 per cent stake. The government holds 100 per cent equity in the coal firm now.
"Of the 5 per cent, 3 per cent is for the employees as stock options and 2 per cent for those whose land will be acquired. Remaining 10 per cent could be channelised towards the public offer," the official said.
CIL spokesperson could not be reached for comments.
It was conferred the Navratna tag last year and was asked to get listed on the bourses by September 2011.
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