The Coal Ministry has said it approved a wage revision agreement that was reached with trade unions for non-executive employees of Coal India Limited. The agreement provides for a 19 per cent of minimum guaranteed benefit from July 1, 2021, on emoluments - basic, Variable Dearness Allowance (VDA), Special Dearness Allowance (SDA) and attendance bonus besides a 25 per cent increase in allowances. In a communication to Coal India, the ministry said, "The MoA (memorandum of agreement) for NCWA-XI as signed by Coal India Limited, Singareni Collieries Company Limited and trade union representatives, has been confirmed." The agreement was reached in May by the Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central trade unions - BMS, HMS, AITUC, CITU and Indian National Mine Workers' Federation (INMF). The agreement will benefit around 2.81 lakh employees of CIL & SCCL who ...
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The government will sell up to 92.44 lakh shares or 0.15 per cent stake in Coal India to its employees at a price of Rs 226.10 a share. "The employee OFS (Offer for Sale) shall remain open from June 21, 2023 to June 23, 2023," Coal India said in a stock exchange filing. Under the share sale offer, 92,44,092 equity shares (representing 0.15 per cent of the total paid up equity share capital of the company) would be offered to eligible CIL employees at a price of Rs 226.10 per equity share. The share sale would fetch around Rs 20,000 crore to the government. Shares of Coal India settled at Rs 227.30 apiece, down 0.48 per cent over the previous close on the BSE. The employee OFS follows the secondary market share sale in Coal India by the government earlier this month. The government had mopped up Rs 4,185 crore through 3 per cent stake sale to institutional and retail investors in state-owned Coal India at a floor price of Rs 225 apiece. The holding of the government has come down
This will mean the Act will apply to public sector undertakings and private enterprises alike
The government has mopped up Rs 4,185 crore through a three per cent stake sale in state-run Coal India. The holding of the government has come down to 63.13 per cent in the coal producer after the offer-for-sale (OFS), CIL said in a stock exchange filing. The government has received Rs 4,185 crore through a 3 per cent stake sale in state-run Coal India, as per the Department of Investment and Public Asset Management (DIPAM) website. The government last week sold three per cent stake in CIL and the issue was oversubscribed by both retail and institutional investors. So far in the current fiscal, the government has mopped up Rs 4,235 crore from PSU stake sale. The full-year target from disinvestment has been pegged at Rs 51,000 crore.
Bulk of bids came at around Rs 226 against base price of Rs 225, in first major disinvestment in FY24
The Coal India share sale was over-subscribed by both retail and institutional investors and the government is expected to get more than Rs 4,000 crore. In the two-day offer for sale (OFS), the government sold its 18.48 crore shares or 3 per cent stake in Coal India at a floor price of Rs 225 apiece. At the floor price, the stake sale would fetch over Rs 4,000 crore to the exchequer. Institutional investors had on Thursday put in bids for over 28.76 crore share, while retail buyers on Friday bid for over 2.58 crore shares of Coal India. Institutional bidders on Friday put in bids for 5.12 crore shares. Coal India OFS is the maiden government stake sale of a public sector undertaking in the current fiscal. The government currently holds 66.13 per cent in CIL. The stake sale in Coal India will help the government inch towards the Rs 51,000-crore disinvestment target set for the current fiscal. Shares of Coal India settled for the day at Rs 230.90 apiece on the BSE, up 0.15 per cen
Rs 4,160-cr OFS sees bids worth Rs 6,500 cr, stock falls
CIL's growth in May 2023, in volume and percentage terms came on the back of a very high base
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The floor price for the stake sale has been set at Rs 225 a share, which represents a discount of around 7 per cent from the closing price of Rs 241.2 on Wednesday
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Investors may use any OFS-led decline in stock price to accumulate its shares
In the last quarter, a spike in share price owing to high coal demand helped CIL achieve its production target
The government on Wednesday proposed to sell up to three per cent stake in Coal India Ltd through the offer for sale route from June 1. The Offer for Sale (OFS) will be open for retail and non-retail investors on June 1 and 2. The proposal is to offload 9.24 crore shares amounting to a stake of 1.5 per cent in the coal producer. Besides, there will be a green shoe option for selling an equal amount of stake in case of over subscription, according to a regulatory filing. At the closing price of Rs 241.20 apiece on BSE on Wednesday, the sale of 3 per cent stake in Coal India would be worth around Rs 4,400 crore. "The seller proposes to sell up to 9,24,40,924 equity shares of face value of Rs 10 each of the company (representing 1.50 per cent of the total paid-up equity share capital of the company) (base offer size), on June 1st and 2nd for retail investors and non retail investors," the filing said. There will be an option to additionally sell 9,24,40,924 (1.50 per cent) equity .
Stock market live updates: At 7:15, the SGX Nifty futures were down around 30 points at 18,680
Coal India Ltd (CIL) on Tuesday said it has increased prices of non-coking coal by 8 per cent. The prices will come into effect from Wednesday, the miner said in a regulatory filing. "The Board has approved a price increase of 8 per cent over the existing notified prices for high-grade coal of grade G2 to G10. This will be applicable to all subsidiaries, including NEC, for regulated and non-regulated sectors," CIL said. The board of directors of the company approved the revision in the prices of non-coking coal with effect from 00:00 hours of May 31, 2023, it said. Following this revision, CIL is expecting to earn incremental revenue of Rs 2,703 crore for the balance period of the financial year 2023-24. Thermal coal is a non-coking coal used by power plants to generate electricity. A rise in its prices impacts the power generation cost. Coal India, under the Ministry of Coal, is the largest coal producer in India. As per official data, in April 2022, the country's overall coal
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