BSNL plans to come up with IPO after election…

Posted by stockmarket

May 11, 2009

BSNL(public sector telecom company) is keen to come out with its initial public offering (IPO) after the new government comes to power.
“BSNL would have gone for the IPO when the market was good last year but the telecom minister, Mr A. Raja, wasn’t too interested,” said official sources.
BSNL is now hopeful of that the new government will be more sympathetic in supporting its IPO which it hopes to launch as soon as market conditions become better. However, the BSNL Employees Union said that it will not allow the management to bring out the IPO.
“The management has previously tried to bring out an IPO but we have always opposed it and whichever government comes next, we will not allow it to dilute its stake,” said the BSNL Employees Union general secretary, Mr V.A.N Namboodiri.
“We already have the example of VSNL and MTNL. Listing didn’t help MTNL. It has posted a huge loss this quarter,”

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