Coal India may float IPO this year
New Delhi: Coal India may hit the market with its IPO this year. The Left Parties may also not object to the IPO since this would not be a disinvestment in the traditional sense but issue of fresh capital.

The move follows the recent call from the Prime Minister, Dr Manmohan Singh, to the public sector enterprises to get listed on bourses, to unleash their entrepreneurial capabilities.

|Sources said CIL plans to hit the capital market with a public offer of five per cent of the paid-up capital through the book-building route to raise Rs4,000-4,500 crore.

CIL has an equity base of Rs6,316 crore. It is the holding company of seven coal producing companies.

They are: Northern Coalfields Ltd, South Eastern Coalfields Ltd, Western Coalfields Ltd, Mahanadi Coalfields Ltd, Eastern Coalfields Ltd, Bharat Coking Coal Ltd and Central Coalfields Ltd. CIL is also the holding company of Coal Mining and Development Planning Institution, the R&D arm.
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Geojit Securities renamed Geojit BNP Paribas Financial services
Mumbai: BNP Paribas S.A. has become the single largest shareholder in Geojit Financial Services through a preferential allotment of 5.68 crore shares and 2.28 crore warrants. With this, Geojit Sec is set to be renamed `Geojit BNP Paribas Financial Services.'

The allotments follow shareholders' approval at the Extra Ordinary General Meeting held on November 22, 2006 and other statutory approvals, the company informed the BSE.

BNP Paribas will acquire 27.18 per cent stake in the company at Rs26 per share and after the conversion of warrants into shares within 18 months at the same price, will increase its holding to 34.35 per cent. BNP Paribas will make an open offer for acquiring an additional 20 per cent stake in Geojit. The price for the open offer has not yet been decided, said Mr Olivier Le Grand, Head of BNP Paribas Personal Investors.

Shares of Geojit Financial Services rose 5.21 per cent to close at Rs38.35 on the BSE.

However after the open offer there are no plans to delist Geojit from the stock exchanges, said C.J. George, managing director, Geojit Financial Services.
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