CIL to move Sebi for selloff norms

 Coal India will soon approach Sebi seeking clarity on whether the PSU can issue shares to the employees of its subsidiaries at the time of disinvestment and the initial public offer (IPO).

The Government had cleared up to 10 per cent equity dilution in Coal India Ltd (CIL) last week and the coal major has already submitted an initial proposal to the Coal Ministry.

The Finance Ministry has sought some clarifications from the Coal Ministry with regard to CIL disinvestment, officials said, adding that the coal PSU would soon be submitting a revised proposal after reply from Sebi.

“We are preparing a set of queries to take it to Sebi to seek clarity on issues before submitting the revised proposal. ,” Coal India Chairman Partha S Bhattacharyya told PTI. CIL is likely to secure a medium-term loan of about Rs 1,600-crore for these two subsidiaries out of which Rs 1,000 crore will be to bail out Bharat Coking Coal Ltd (BCCL).