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Unions urge CIL employees not to subscribe to co shares

Coal sector trade unions opposing the dilution of the government stake in Coal India has urged the employees against participating in the ongoing five per cent offer for sale (OFS) meant for employees.

The OFS of five percent or 99,00,196 shares to employees at Rs 254.22 after discount opened Monday and will remain open till November 15.

“We maintain our stand of opposing the dilution of stake by Coal India. We urge the employees not to subscribe to the shares,” All India Coal Workers Federation general secretary B B Ramadandan told agencies.

Ramadandan said all trade unions are likely to meet the end of the month for their next course of action.

The government had recently sold 3.19 per cent stake in Coal India.

In the IPO of 2010, CIL had received a lacklustre response from its employees.

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