"It is likely that it (stake sale in Coal India ) may happen either in November or December," Coal Minister Sriprakash Jaiswal told reporters here. "You may be aware that Coal India Chairman has gone (overseas) for this purpose only," he added.
Also Read: Difficult to meet FY14 divestment target: Fin Min Sources
To woo foreign investors for Coal India stake sale, the disinvestment department (DoD) has embarked on a roadshow spanning across five nations, including Germany and the UK. The roadshow began last week amid threats by workers of the state-owned firm to go on strike in December against the government move to divest its stake further.
The Minister also said that though the production of CIL has been hit in the current month on account of Cyclone Phailin, however, "We are hopeful that (Coal India) will achieve its production target (of 482 million tonnes) for the current fiscal." Government currently hold 90 percent 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 is to take place through the offer for sale route.
The Disinvestment department was originally planning to offload 10 percent stake in CIL, but faced strong opposition from employees union who 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 is expected to be the largest.
On October 28, 2013, Coal India closed at Rs 276.55, down Rs 2.5, or 0.9 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 19.92. 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 8.51.
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