The government will today offer to offload up to ten per cent of its stake in Coal India Limited (CIL) as part of its ambitious divestment programme. In the biggest ever share sale, government is expecting to garner about 22,600 crore rupees from today's sale. The government has fixed 358 rupees per share as the floor price, which is at a discount of about 5 per cent from the current market price of Coal India shares. The government presently holds nearly 90 per cent stake in the CIL. The Coal India's divestment will play a crucial role in curtailing the fiscal deficit. The divestment target this year is 58,425 crore rupees, out of which 43,425 crore rupees is expected to come via share sale in the PSUs. The government targets to double the coal production to one billion tonnes in the next few years.
News On AIR | January 30, 2015 2:25 PM
Govt to sell up to 10% of its stake in Coal India Limited