The Department of Disinvestment is to begin an eight day roadshow in London and a number of US cities to attract foreign investors for a 5% stake sale in Coal India Limited (CIL).
According to an official, “The eight day roadshow in places like London and some of the cities of the US, to attracts foreign investors in CIL as a company will begin from Monday. This is a non-deal roadshow. The entire purpose of this roadshow is to tell the investors about CIL as a company and the kind of reserves it has.”
The roadshow begins amid threats by Coal India employees to strike in December against the government’s move to divest its stake further. CIL workers' union decided in September to defer its proposed three-day strike to December.
The government, which currently holds 90% stake in the company, had earlier prepared a plan to sell 10% stake in CIL to appease employee unions. The new proposal offers to divest 5% stake through offer for sale (OFS) route.
Edited from various sources by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/21102013/coal_india_roadshow_to_attract_foreign_investors_158/