BSNL’s IPO Plans Put On Hold
The Department of Telecom has put forward a proposal to Bharat Sanchar Nigam Ltd of not listing it in the markets till the restructuring of the company is completed as a part of the 15-point restructuring plan suggested by a committee headed by Mr. Sam Pitroda in order to turn around the fortunes of the public sector unit BSNL.
According to a news release the Department of Telecom (DoT) has recommended that an initial public offering (IPO) for BSNL should be put on hold till fundamental changes recommended by the Pitroda panel are implemented. This includes restructuring the company’s board and absorption of Indian Telecom Service officers in BSNL. DoT feels that this would in all increase BSNL’s enterprise value and divesting at such a stage might increase revenues for the government.
Day 5 3G Spectrum Price Goes Up By Rs.249cr
We had brought to you some stats from the end of Day 2 at the 3G auction some time back. The auctions started with an overall bidding price of INR 3500 crores INR 3913 crore at the end of Day 1 and 4085 crores INR at the end of the second day. Although the start was not quite impressive but now at the end of the 5th day of the 3G auctions,the value of total bid price for the 3G slots have moved up by Rs 249 crore to touch Rs 4,831.09 crore which happens to be 38 per cent higher than the initial bid price of Rs 3,500 crore. The Govt. is now sure of getting Rs. 19,324 cr including the money to be paid by BSNL and MTNL.