BSNL planning to launch IPO next year

Posted by admin on September 29, 2009 in category: Business, BSNL, IPO

India’s State-owned telecom company Bharat Sanchar Nigam Limited (BSNL) has planning to launch its initial public offer (IPO) by next year. The company was awaiting approval from the government for its initial public offering (IPO).

BSNL Chairman & MD Kuldeep Goyal told CNBC-TV18 in an interview that “The company may launch an initial public offer (IPO) next year and is awaiting government approval.”

BSNL had approached the government last year with a proposal to divest 10 per cent stake to the public in a bid to raise about Rs 50,000 crore.

BSNL’s valuation has been pegged at about Rs 5,00,000 crore and the PSU has a paid-up capital of about Rs 5,000 crore.

[Via business-standard.com and moneycontrol.com]