BSNL hopeful of winning union nod for IPO

New Delhi, Aug 12: State-run Bharat Sanchar Nigam Ltd (BSNL) CMD Kuldeep Goyal expressed on Tuesday, Aug 12 hope of bringing out the country's largest-ever IPO by getting its unions on board.

''We are getting positive responses from the unions' side...they have said they will discuss with an open mind on it,'' Mr Goyal told reporters here. BSNL is expected to dilute 5-10 per cent of its stake through the IPO, which is likely to be brought out by March next year, with the shares to be listed at Rs 300-400.

Recently, Telecom Minister A Raja had said the final call on the proposed IPO will be taken after meeting with the Employees' Union.

The meeting is being seen as the last mile effort by the Ministry to convince the Union about the IPO.

Asked whether the company would go ahead with the IPO if the employees continued to oppose, the CMD continued, ''let us first come to that. When we will come to the bridge, we will cross it.'' Employees are expected to be offered sops, which include shares at discounted rates. It is learnt that each employee may get 500 shares at the face value of Rs 10 each.

BSNL has more than 3,00,000 employees and several unions.

UNI