Coal India dips on government stake sale plan report
The stock down 4% to Rs 360 on National Stock Exchange.
 "Coal India dips on government stake sale plan report")
Coal India has dipped 4% to Rs 360 on National Stock Exchange (NSE) on reports that the government planning to sell 10% stake in the country's largest miner.
The estimated revenue that would be generated from this stake sale is close to Rs 24,000 crore, making it one of the biggest-ever share sale, Economic Times report suggest.
As per news reports, the government may also offer 20% of the stock to the retail investors.
As of December 2014, the government held 89.65% stake in Coal India.
The stock opened at Rs 375 and touched a low of Rs 356 on NSE. Till 1020 hours, a combined 2.44 million shares changed hands on the counter on NSE and BSE.
The estimated revenue that would be generated from this stake sale is close to Rs 24,000 crore, making it one of the biggest-ever share sale, Economic Times report suggest.
As per news reports, the government may also offer 20% of the stock to the retail investors.
As of December 2014, the government held 89.65% stake in Coal India.
The stock opened at Rs 375 and touched a low of Rs 356 on NSE. Till 1020 hours, a combined 2.44 million shares changed hands on the counter on NSE and BSE.