Indian Government Considers Selling Up To 3% Stake In State-Owned Miner Coal India Ltd

The Indian government announced in a filing on Wednesday that it is considering selling up to 3% of its ownership in the state-owned miner Coal India Ltd (COAL.NS).

The proposal calls for the sale of up to 1.5% of the company's stock on June 1 and 2, with the option to sell an additional 1.5%.

According to exchange records as of March 31, the government owned 66.13% of the Kolkata-based business.

The stake sale's floor price is 225 rupees per share, which represents a 6.7% decrease from Wednesday's closing price.

According to budget documents released in February, the Indian government intends to raise 510 billion rupees ($6.17 billion) during the current fiscal year by selling its stakes in state-run corporations.

With revenue of roughly 352.93 billion rupees in the fiscal year that ended on March 31, the government fell short of its divestiture target of 500 billion rupees.

According to the Department of Investment and Public Asset Management website of the finance ministry, the government most recently sold a 3.5% share in the aerospace and military firm Hindustan Aeronautics Ltd (HIAE.NS) in March, netting it 29.01 billion rupees.

$1 = 82.7194 rupees