Govt sells 2.21% stake in Coal India to CPSE ETF

The government has sold 2.21 per cent stake in state-owned CIL to the CPSE ETF which is managed by Reliance Nippon Life Asset Management Ltd, according to a regulatory filing.

"The President of India, acting through the Ministry of Coal...has sold 13,73,11,943 i.e. 2.21 per cent equity shares of Coal India Ltd to the AMC," Coal India (CIL) said in a filing to BSE Thursday.

Coal India accounts for over 80 per cent of domestic coal production.

"Post-acquisition holding of promoter is 72.92 per cent of equity share capital of the company," the filing said.

The company further said the "the off-market sale (is) by the President of India through the Ministry of Coal...to Reliance Nippon Life Asset Management Ltd, as the asset management company of the CPSE ETF mutual fund scheme."

The government has garnered more than Rs 170 billion from the CPSE ETF follow-on offer, the biggest-ever fundraising from an exchange-traded fund domestically.