A planned stake sale in Coal India (CIL) in the last financial year had to be deferred after stiff opposition from the trade unions. The coal major had to make up for that by paying about Rs 19,000 crore as dividend to the exchequer.
The government is likely to soon approve disinvestment of Coal India Ltd this week which may fetch the exchequer Rs 22,000 crore. The proposal for 10 percent disinvestment of Coal India Ltd would be taken up by Cabinet Committee on Economic Affairs (CCEA) this week, sources said.
A planned stake sale in Coal India (CIL) in the last financial year had to be deferred after stiff opposition from the trade unions. The coal major had to make up for that by paying about Rs 19,000 crore as dividend to the exchequer.
The government, which holds a 89.65 percent stake in CIL, initially sought to divest a 10 percent stake but lowered it to 5 percent on account of opposition from the unions.
At Thursday's closing share price of Rs 356.40, a sale of 10 percent stake or 63.16 crore shares in CIL would fetch the government more than Rs 22,428 crore.
This will make up for more than half of the total disinvestment target of the current fiscal.
In the Budget, the government has estimated to collect Rs 43,425 crore from selling stake in PSUs and another Rs 15,000 crore from sale of residual stake in the erstwhile government companies.
Of the disinvestment target of Rs 40,000 crore in 2013-14, the government had mobilised Rs 15,820 crore. In 2012-13, of the Rs 30,000 crore target, Rs 23,957 crore was raised. In 2011-12, only Rs 13,894 crore was raised of the Rs 40,000 crore target.
Coal India stock price
On August 22, 2014, Coal India closed at Rs 356.40, down Rs 1.7, or 0.47 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 238.35.
The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.78. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 13.69.
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