According to media reports, the country's government has hired the services of five top Indian investment banks including the likes of ICICI Securities and SBI Capital for the management of the centre's 10 per cent stake in state -run Coal India Ltd.
The other three investment banks that the government has selected to manage the over Rs 21,000 crore stake sale in the 'Maharatna' PSU include JM Financial, Axis Capital and Kotak Mahindra Capital, the PTI reported.
The ruling NDA government had last week given the nod to the sale of 10 per cent stake in Coal India.
Seven merchant bankers had bid for managing the disinvestment in Coal India.
The government which currently holds a 79.65 per cent stake in the coal major, last sold a 10 per cent stake in the company on January 31, at the floor price of Rs 358 a piece, collecting Rs 22,557 crore.
The stake sale in Coal India is part of the government's total disinvestment target of Rs 69,500 crore for the ongoing fiscal which ends on March 31, 2016.