At present, the face value of one Coal India share stands at Rs 1,000 and the company has 6.316 crore shares, Coal India Chairman P S Bhattacharyya told PTI. “The coal ministry has given us its approval to lower the face value of our shares from Rs 1,000 a share at present to Rs 10 per share,” he said. The firm has a paid-up equity capital of about Rs 6,300 crore.
Status conversion
Besides giving its nod to lower the face value of CIL’s shares, the coal ministry has approved the conversion of the PSU from a “private limited” firm into a “public limited” one. It has approved increasing number of shareholders to seven from current six, a condition for state-run entity to become “public limited.”
“Coal India is registered as private limited company and will soon be a public limited firm,” he said. It is a pre-requisite for disinvestment.
Published 16 August 2009, 15:17 IST