Confident of overwhelming support from employees to its public listing plans, state-owned BSNL will shortly conduct an opinion poll among employees on the proposed IPO before calling the unions to the negotiating table.
"On the BSNL intranet sites, employees have overwhelmingly welcomed the IPO. They have also asked that an opinion poll should be conducted. Keeping in view the sentiments of the staff, we will conduct an electronic poll," BSNL CMD Kuldeep Goyal said.
The poll would ask the employees whether or not they support the IPO.
Though certain unions are opposing the proposed IPO, most BSNL employees are favourably inclined towards the listing, company officials said.
BSNL has an intranet site for its staff where the employees can communicate with the management. The poll would be conducted electronically on the intranet site and the result posted on the site.
Earlier, the BSNL Employees Union had warned the management against proceeding with the IPO and threatened to strike work, arguing that the proposal for 10 per cent equity dilution in BSNL was devoid of any merit. The union had also rejected the argument that BSNL was in need of funds for expansion and hence it was taking the IPO route.
Though most of the employees are favouring the IPO, the company officials admitted that it would be difficult to go ahead without the support of the employees union.
A poll at this point of time would give the government a shot in the arm if most of the employees and unions vote in favour of the IPO.
The largest telecom PSU employs over three lakh people across the country.
BSNL is valued at $100 billion and a 10 per cent equity dilution would fetch the state-run company at least $10 billion (Rs 40,000 crore) from the market.
BSNL is the largest telecom operator in the country with nearly 75 million subscribers.
Communications Minister, A Raja, stated last month that BSNL may be listed on the bourses in the price range of Rs 300-400 per share. While BSNL's management said that the listing could happen within the next six months, all efforts are now being made to garner the unions' support.
The Ministry had offered to give the 3.5 lakh employees of BSNL, 500 shares each at Rs 10 as ESOP.
