Unions urge Coal India employees to ignore govt's share sale offer

Coal sector trade unions opposing the dilution of the government stake in Coal India has urged the employees against participating in the ongoing five per cent offer for sale (OFS) meant for employees.

The OFS of five per cent or 99,00,196 shares to employees at Rs 254.22 after discount opened on Monday and will remain open till November 15.

"We maintain our stand of opposing the dilution of stake by Coal India. We urge the employees not to subscribe to the shares," Citu backed union All India Coal Workers Federation general secretary D D Ramanandan told PTI.

Ramanandan said all trade unions are likely to meet at the end of the month for their next course of action.

The government had recently sold 3.19 per cent stake in Coal India.

In the IPO of 2010, CIL had received a lacklustre response from its employees.