Coal India gains on government stake sale report
The government, which owns 90% in the world largest coal miner, plans to sell a 5% stake to the public and a similar holding to the company.
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Coal India has moved higher by 3% to Rs 312 in otherwise weak market on reports that the government plans to raise around Rs 20,000 crore by selling 10% of its stake in the company.
“The government, which owns 90% in the world largest coal miner, plans to sell a 5% stake to the public and a similar holding to the company,” the Bloomberg report suggests quoting a draft finance ministry proposal.
The stock opened at Rs 301 and hit a high of Rs 314 on NSE. A combined 4.02 million shares have changed hands on the counter so far on NSE and BSE. The NSE benchmark Nifty was down 1.4% at 5,593 at 1434 hours.
“The government, which owns 90% in the world largest coal miner, plans to sell a 5% stake to the public and a similar holding to the company,” the Bloomberg report suggests quoting a draft finance ministry proposal.
The stock opened at Rs 301 and hit a high of Rs 314 on NSE. A combined 4.02 million shares have changed hands on the counter so far on NSE and BSE. The NSE benchmark Nifty was down 1.4% at 5,593 at 1434 hours.
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First Published: Apr 04 2013 | 2:34 PM IST