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10 percent disinvestment approved in Coal India and Hindustan Copper | The Cabinet Committee on Economic Affairs (CCEA) on
Monday approved the disinvestment of 10 per cent equity each in mining companies Coal India Ltd and Hindustan Copper Ltd. Talking to reporters after the meeting,
Home Minister P Chidambaram said: "The disinvestment of Coal India Ltd (CIL) would
be through book building process in the domestic market. One per cent of the equity
will be offered to the employees of Coal India Ltd and its eight subsidiaries."
"The committee also decided to allow five per cent price concession to retail
investors and employees of CIL. The paid up equity capital of CIL is Rs 6,316.36
crore and the government owns 100 per cent stake in the coal major," he added.
The CIL, a Central Public Sector Enterprise, is a Navratna Company engaged in
production and marketing of coal and coal products. At present, the paid up equity
capital of the company is Rs.6316.36 crore and the Government of India holds 100
percent of the equity. For the disinvestment of Hindustan Copper Ltd, there will
be a fresh issue of equity to the extent of 10 per cent of the pre-issued paid
up capital. "In conjunction with the issue of the equity, government will also
disinvest its 10 per cent pre-issued paid up capital of the company," Chidambaram
said. "Reservation of shares for employees of HCL will be on a discount of five
percent which will also be available to retail investors as per the guidelines
of SEBI," he added. |
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