Post IPO, CIL to be largest listed employer
State-owned Coal India on Friday said it would become India's largest listed employer among the firms registered on the bourses, after completion of its public issue.
"Post listing, Coal India will become the largest employer amongst listed entities in the country," the world's largest coal producer said here in a statement.
The PSU had earlier this week filed the draft papers for its initial public offering, billed to be India's biggest issue, through which the government expects to raise up to Rs 15,000 crore.
As per the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi) by the company, it has offered 631,636,440 equity shares with a face value of Rs 10 each.
The mega issue of CIL would hit the market on October 18 and close on October 21. As on March 31, 2010, Coal India had the workforce of over 3.97 lakh employees. Its human resource includes 3,43,571 miners, besides 15,092 executives, 38,475 supervisors, it said.
Sources say the government is looking to raise between Rs 12,000 crore and Rs 15,000 crore from selling its 10 per cent stake in the firm through the public issue. Currently, government owns 100 per cent stake in the company.
Coal India said that out of the 10 per cent, 1 per cent shares were reserved for employees. Meanwhile, the coal major is helping its employees open demat account where shares in electronic form are kept.
Nationalised banks like State Bank of India, Union Bank among others are completing the procedures with employees of the company spread across the country to open such accounts.
With the help of its huge workforce, Coal India produced 4301.5 million tonnes of coal in the last fiscal, when the total output of the country was at 532 million tonnes.
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