Coal India and telecoms firm BSNL are the prime candidates to list on Indian bourses under the government`s new rules for selling stakes in state firms, but valuations will have to be tempered to attract investors.
Bharat Sanchar Nigam Ltd and
Mahanagar Telephone Nigam Ltd have expressed interest in
participating in the acquisition of a majority stake in Zain,
Kuwait`s biggest phone company, a Khorafi Group executive said on Sunday.
The government on Tuesday said it is up
to the BSNL board to take any decision on initial public offering of the PSU but made it clear that employee unions` consent is a must before going ahead with the public issue.
Fearing opposition by employee unions, the government is considering to list telecom major BSNL on bourses by issuing nominal fresh shares and may shelve plans of directly divesting its equity for the time being.
State-owned telecom major BSNL has
moved the Supreme Court seeking quashing of penalty and
interest of more than Rs 6.25 crore imposed by the excise and
customs department for alleged delay in payment of service tax