The government has selected seven banks to manage the 5% stake sale in the company.
Coal India has dipped nearly 5% at Rs 238, also its record low since listings, in early morning deals on BSE, on reports that the government has selected seven banks to manage the sale of a stake in the company.
The government has hired Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank, Credit Suisse and Indian investment banks SBI Capital, JM Financial and Kotak Mahindra Capital for the sale of a further 5% stake in the world's largest coal miner, the Reuters report suggests.
At the current market price, the Coal India stake sale will raise about Rs 7,900 crore for the government, added report.
The stock opened at Rs 250 and has seen a combined around 53,000 shares changing hands on the counter in early morning deals on BSE and NSE.
Coal India has dipped nearly 5% at Rs 238, also its record low since listings, in early morning deals on BSE, on reports that the government has selected seven banks to manage the sale of a stake in the company.
The government has hired Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank, Credit Suisse and Indian investment banks SBI Capital, JM Financial and Kotak Mahindra Capital for the sale of a further 5% stake in the world's largest coal miner, the Reuters report suggests.
At the current market price, the Coal India stake sale will raise about Rs 7,900 crore for the government, added report.
The stock opened at Rs 250 and has seen a combined around 53,000 shares changing hands on the counter in early morning deals on BSE and NSE.
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