Govt to sell 10pc stake in CIL on January 30
Thursday, 29 January 2015
MUMBAI, Jan 28 (Reuters): India will sell a stake of up to 10 per cent in state-run Coal India Ltd (CIL) through an auction on the country's stock exchanges on Friday, the government said.
That stake would be worth as much as Rs 240 billion at current market prices.
The government, which owns close to 90 per cent of the coal miner, is selling 315.8 million shares with an option to sell another 315.8 million, according to a notice to the exchanges on Wednesday.
The stake sale is part of a government plan to raise about Rs 600 billion in asset sales during the current fiscal year to end-March.
The floor price will be declared at 5 pm tomorrow.
25 per cent of the offer for sale (OFS) is reserved for mutual funds, insurance companies.