CIL to talk IPO and stake-sale with Sebi

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 Sebi Executive Director, Usha Narayanan, on Friday.

“Coal India is preparing itself for the Initial Public Offer (IPO). ” said a Coal India official requesting anonymity.

Coal India Ltd is in the process of finalising the disinvestment proposal and last month  held discussions with the Disinvestment Secretary Sunil Mitra on the stake-sale and the IPO.
The government is working on selling 5-10 per cent of its stake in the company. The company has a paid up equity capital of about Rs 6,316 crore. The coal ministry has given its nod to the company for slashing face value of its shares to Rs 10 from Rs 1,000, a move aimed at expanding firm’s equity base.