With the Left parties out of the way and stability no longer an issue, the Government has gradually started the reforms process. Among the first signs of this came this week after the NHPC filed a revised DRHP with capital market regulator SEBI and Telecom Minister made attempts at pacifying BSNL employees for the mega IPO of the telecom behemoth.
Coming to the BSNL IPO, the Government asked BSNL and its employee unions to carry forward healthy discussions on the proposed IPO. Telecom Minister Thiru A. Raja met representative of the unions and BSNL officials to discuss the matter. Raja said BSNL employees will get 500 shares of Rs10 each, translating into a net gain of about Rs1.5 lakh.
The offer was made in exchange for the unions dropping their opposition to BSNL's IPO. However, the unions rejected the offer. The joint forum of the BSNL unions, the umbrella body for all employee unions of the PSU, said this was a ploy to divide the employees. The BSNL board has cleared the proposal to sell up to 10% stake in the company. The company's employees have forced the PSU to put off IPO plans twice in the past.
NHPC plans to hit the capital market next month. It plans to sell 1.67bn shares of Rs10 each. The shares would be offered at a premium through a 100% book building process. The IPO would comprise 10% fresh equity and 5% disinvestment of government stake. Last year, NHPC had filed DRHP but SEBI rejected the same as the company did not have the required strength of independent directors.
Coming to the BSNL IPO, the Government asked BSNL and its employee unions to carry forward healthy discussions on the proposed IPO. Telecom Minister Thiru A. Raja met representative of the unions and BSNL officials to discuss the matter. Raja said BSNL employees will get 500 shares of Rs10 each, translating into a net gain of about Rs1.5 lakh.
The offer was made in exchange for the unions dropping their opposition to BSNL's IPO. However, the unions rejected the offer. The joint forum of the BSNL unions, the umbrella body for all employee unions of the PSU, said this was a ploy to divide the employees. The BSNL board has cleared the proposal to sell up to 10% stake in the company. The company's employees have forced the PSU to put off IPO plans twice in the past.
NHPC plans to hit the capital market next month. It plans to sell 1.67bn shares of Rs10 each. The shares would be offered at a premium through a 100% book building process. The IPO would comprise 10% fresh equity and 5% disinvestment of government stake. Last year, NHPC had filed DRHP but SEBI rejected the same as the company did not have the required strength of independent directors.
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