BSNL awaiting Government decision on IPO

The Initial Public Offering (IPO) of State-owned telecom major Bharat Sanchar Nigam (BSNL) Ltd has been deferred.

Mr Kuldeep Goyal, Chairman and Managing Director, BSNL, said, “As of now, I do not think it is on the immediate radar.”

On being asked if the IPO would happen within this financial year, Mr Goyal said it would be difficult to comment on the issue.

“The Government has to take a decision on it. We are waiting for the decision,” he added.

The government would need to time the listings of various public sector undertakings, he said.

For BSNL, there is no particular timelineas of now, he added.

BSNL had approached the Government with a proposal to divest 10 per cent stake to the public in a bid to raise about Rs 50,000 crore. The company was hoping to use the funds for expansion.

Mr Goyal was speaking at the sidelines of the launch of BSNL’s pre-paid broadband services in Karnataka.

Customers must have BSNL land line connection to avail themselves of this service. The service would be extended to other circles by the end of the year, BSNL said. The company has 4.3 million broadband customers, it said in a statement

Courtesy:The Business Line