Khaitan & Co appointed legal adviser to manage CIL stake sale
   
Quotes

Khaitan & Co appointed legal adviser to manage CIL stake sale

Last Updated: Thursday, September 12, 2013, 18:48
 
 Comment 0
 
Khaitan & Co appointed legal adviser to manage CIL stake sale
New Delhi: Government has appointed Khaitan & Co as legal adviser for managing disinvestment of five percent in Coal India, taking ahead the stake sale proposal in the PSU.

The appointment of legal adviser comes ahead of the crucial meeting next week between Coal India and its five workers unions which have threatened to go on a three-day strike beginning September 23 to protest the proposed stake sale.

"Khaitan & Co has been appointed as legal adviser for managing Coal India stake sale," a source close to the development said.

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

The government holds 90 percent stake in the company. The Disinvestment Department had earlier pared a plan to sell 10 percent stake in CIL to placate employee unions. The proposal now is to divest 5 percent stake in the CIL through offer for sale route (OFS).

Finance Minister P Chidambaram 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 bourses in 2010 after the government raised Rs 15,199 crore by selling 10 percent stake in the country's biggest initial public offering.

The company has a cash balance of about about Rs 62,000 crore. The government plans to garner Rs 40,000 crore this fiscal by way of disinvestment and CIL's stake sale would be the largest.

PTI



First Published: Thursday, September 12, 2013, 18:48


Comments


comments powered by Disqus
New Generation Scorpio
New Generation Scorpio
BRICS SUMMIT Ufa
BRICS SUMMIT Ufa
New Vento 2015
New Vento 2015
Audi all-new SUV Q3
Audi all-new SUV Q3
Indian Billionaire Daughters
Indian Billionaire Daughters

Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved