Govt to invite bids from bankers, advisers for Coal India stake sale: sources

 

The government will invite bids this week from merchant bankers and advisers for selling a 10% stake in state-run Coal India through a share auction, two sources involved with the matter said.

The government's department of disinvestment (DoD) expects to launch the share sale by August or September, the sources, who declined to be identified, said.

At the current price, the sale would be worth as much as $3.6 billion, although the shares are likely to be offered at some discount to the market price.

The Indian government owns 90% of Coal India, the world's largest coal miner by output.