Govt approves 10 pc stake sale in CIL, Hindustan Copper

New Delhi, June 15 (PTI) The Indian government Tuesday
approved disinvestment of 10 per cent equity each in mining
companies Coal India Ltd and Hindustan Copper Ltd.
The decision was taken at a meeting of the Cabinet
Committee of Economic Affairs.
"Disinvestment of Coal India Ltd 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," India's Home Minister P Chidambaram
told reporters after the CCEA meeting.
The Committee also decided to allow five per cent price
concession to retail investors and employees of Coal India Ltd
(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.
For the disinvestment of Hindustan Copper Ltd, there will
be a fresh issue of equity to 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 (Hindustan Copper)," Chidambaram said. PTI RKL
MRD