Government to sell another 10 per cent stake in Coal India

The government will sell another 10 per cent stake in Coal India, which could fetch more than Rs 23,000 crore at the current market price and provide a much needed boost to the disinvestment programme that has a record target of Rs 69,500 crore for current fiscal.

The disinvestment department on Wednesday called for request from merchant bankers to manage the issue. The government currently owns a 78.65 per cent stake in the coal miner. Coal India’s shares closed 5.53 per cent lower at Rs 371.45 on the BSE on Wednesday, when the benchmark Sensex fell 1.3 per cent.

The government will appoint up to five merchant bankers to manage the issue. The deadline to apply is September 2.

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