The Indian Government has said that it is planning to sell 10 per cent stake in Coal India this fiscal itself through a public offer, which could fetch it around Rs 22,000 crore, media reported.
As per reports, the Department of Disinvestment (DoD) is in the process of appointing merchant bankers for managing the sale. The department may go for the divestment in the current fiscal provided valuations improve.
Commenting on the issue, a Government Official told the media, "There is enough appetite for another tranche of CIL stake sale. The government will wait for valuations to improve."
"Merchant bankers are showing a lot of interest and the disinvestment department is confident of pushing ahead despite a strike threat by unions," he added.
The government holds 78.65 per cent in Coal India. The government will appoint up to five merchant bankers to manage the sale, and the last date for applications will be September 2.
Meanwhile, shares of the company were trading at Rs 348.65 a piece, down 0.40 per cent from the previous close at 10:25 hours on BSE.