Oct 23, 2013, 08.35 PM IST
The roadshows would have the DoD officials and CMD and Director (Finance) of Coal India woo foreign investors for the 5 percent government stake sale in company which could fetch Rs 9,129 crore to the exchequer at the current market price.
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CIL: DoD holds 5-nation roadshow to woo investors
The roadshows would have the DoD officials and CMD and Director (Finance) of Coal India woo foreign investors for the 5 percent government stake sale in company which could fetch Rs 9,129 crore to the exchequer at the current market price.
Like this story, share it with millions of investors on M3
CIL: DoD holds 5-nation roadshow to woo investors
The roadshows would have the DoD officials and CMD and Director (Finance) of Coal India woo foreign investors for the 5 percent government stake sale in company which could fetch Rs 9,129 crore to the exchequer at the current market price.
Also Read: IMG for show-cause notices to cos for coal block dev delay
Sources said the roadshows are being held in New York, Boston and San Fransisco in the US, followed by Toronto in Canada and London in the UK. It would also have the officials meet investors in the city of Frankfurt (Germany) and Amsterdam (Netherlands). The roadshows would have the DoD officials and CMD and Director (Finance) of Coal India woo foreign investors for the 5 percent government stake sale in company which could fetch Rs 9,129 crore to the exchequer at the current market price.
Proceeds from CIL disinvestment would be the largest in the current fiscal. Government currently hold 90 per cent stake in CIL. It has already selected seven merchant bankers, including Goldman Sachs, Credit Suisse and SBI Caps, to manage the CIL stake sale which will take place through the offer for sale route.
Shares of CIL closed at Rs 289.05, down 1.33 percent over previous close on the BSE. The Disinvestment department was originally planning to offload 10 percent stake in CIL, but faced strong opposition from employees union as they threatened to go on strike.
CIL workers' union had in September decided to defer its proposed three-day strike to December 17. Earlier, it was planned from September 23. CIL got listed on the bourses in 2010 through an initial public offering in which the government raised Rs 15,199 crore by selling 10 percent stake.
The company has a cash balance of about Rs 60,000 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. So far, the government has raised over Rs 1,300 crore through PSU stake sale.
On October 23, 2013, Coal India closed at Rs 289.05, down Rs 3.9, or 1.33 percent. The 52-week high of the share was Rs 374.05 and the 52-week low was Rs 238.35.
The company's trailing 12-month (TTM) EPS was at Rs 13.88 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 20.82. The latest book value of the company is Rs 32.48 per share. At current value, the price-to-book value of the company was 8.90.
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