Indian Stock Market

BSNL - Mega IPO in the pipeline - Edelweiss.PDF BSNL IPO in the pipeline

Chairman Kuldeep Goyal: They (unions) are discussing with the employees… they have said they will have an open mind on it

Kuldip Goyal, BSNL CMD, said the company will appoint merchant bankers for the IPO only after talks with union. He said they have received positive indication from a section of the employee union.

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The government on Thursday dangled the carrot of a lucrative stock option scheme involving an estimated Rs 6,410 crore to BSNL employees but the influential workers’ unions have so far refused to play ball. The move is aimed at co-opting the employees in an attempt to list the telecom behemoth in bourses.

The BSNL IPO could be the oil that greases the primary market back into motion. ‘A catalyst of such sort is required to improve the investor sentiment in the primary market,’ said Sudip Bandyopadhyay, CEO, Reliance Money. ‘If the IPO is priced attractively, it will see a revival of investor sentiment in the primary market.’

The proposed mega public listing of Bharat Sanchar Nigam Ltd (BSNL) moved a step ahead with the government indicating a valuation of about Rs 2,00,000 crore for the state-owned telecom behemoth.

By Devidutta Tripathy

By Devidutta Tripathy
BSNL IPO on track

New Delhi, Aug 7 (PTI) Government today broached plans for the public listing
of telecom giant BSNL with its workers, but neither the proposal nor an offer
of ESOPs found any takers.

New Delhi, Aug 7 (IANS) The state-owned telecom company Bharat Sanchar Nigam Ltd (BSNL) is yet to take a decision on its proposed initial public offer, telecom minister Thiru A. Raja said here Thursday.

The Telecom Minister, A Raja has requested the BSNL Trade Unions to have healthy discussions on the impending BSNL IPO. Raja said that the listing would be beneficial for the Stateowned BSNL. He assured that BSNL employees to be given shares in the IPO. Each BSNL employee would get 500 shares at Rs 10 each, [...]

SD Saxena, DirectorFinance, BSNL, said the 510% stake sale is a possibility but Government\’s call will be final. He sees chances of the IPO happening within the current financial year itself. He sees FY09 revenues at Rs 45,00050,000 crore. BSNL has paid up equity of Rs 5,000 crore.

The employees union of Bharat Sanchar Nigam Ltd has decided to go on an indefinite strike if the Government goes ahead with its plan to list the company’s shares on the bourses, reports The Hindu Business Line.

The BSNL board has cleared the company’s proposed $10-billion listing, a top Department of Telcom (DoT) official told ET on Friday. This will bring the company in direct conflict with its employee unions, which have threatened to go on an indefinite strike if the PSU goes ahead with the IPO.
When contacted, a top BSNL executive [...]