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Home News Power Sector News CIL employees to strike against disinvestment

CIL employees to strike against disinvestment

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DisinvestmentThe central government is likely to clear by next week appointment of legal advisors to manage the disinvestment of 5% stake in CIL. The 5 major trade unions representing the workers of Coal India have decided to go on a 3 day strike from September 23. A source close to the development said that "There is a meeting on September 10 wherein legal advisors for managing Coal India stake sale would be selected."

The source said that there is a proposal to appoint two legal advisors for the job. One would be a domestic legal advisor and another would be international legal advisor

However, Goldman Sachs, Credit Suisse, Deutsche Bank and SBI Capital Markets are among seven merchant bankers selected to manage the stake sale in CIL.

Currently, the government holds 90% stake in the company. Shares will be alloted to CIL employees at 5% discount to the lowest cut off price. A maximum of 10% of the offer will be kept for employees.

The Disinvestment Department pared a plan to sell 10% stake in CIL to placate employee unions.

Mr P Chidambaram Finance Minister had earlier tried to assuage the workers unions, saying the disinvestment proceeds from the coal behemoth would be invested in PSU banks.

CIL was listed on the bourses in 2010 after the government raised INR 15,199 crore by selling 10% stake in the country's biggest initial public offering. The company has a cash balance of about INR 60,000 crore.

Meanwhile, the government plans to garner INR 40,000 crore this fiscal by way of disinvestment and CIL's stake sale would be the largest. So far, the government has raised over INR 1,325 crore through PSU stake sales.

Source – Economic Times

 

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