Fresh move initiated for Neyveli Lignite FPO: Sources

The government has once again initiated moves for a follow-on-public offer in Neyveli Lignite Corporation. 

The government sources have told CNBC TV18's Anshu Sharma that the coal ministry has circulated a draft cabinet note proposing at least a 5% FPO in the Navratna PSU, preferably via the auction route.  Once approved, the FPO is likely in FY13.  Earlier, in 2006, the government had proposed to divest 10% in the firm, but the plan was shelved after opposition by the DMK and the NLC board.