BSNL prepares for mega IPO
The Government is planning to list telecom behemoth BSNL on the stock markets, by diluting 10% stake as well as offering ESOPs to it’s employees. However, the plan has already run into rough weather, with the Communications Minister A. Raja unable to get consent from the employees union.
BSNL has a paid up equity capital of around Rs.5,000 crore and almost 73 million wireless and fixed-line subscribers (June).
Raja said the company would be offering BSNL employees 500 shares each at Rs.10 per share, whereas the IPO would be in a range of Rs.300-400 per share, allowing employees an opportunity to profit. However, the union has not accepted the ESOP deal, saying it was a ‘bait’ and a ploy to do away with some jobs.
The IPO is expected to hit the markets by end of FY09, so there is ample time for this drama to play out !! 
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