At the current market prices, sale of 63.16 crore shares or 10 per cent stake would fetch Rs 23,460 crore to the exchequer.
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The government’s present ownership in Coal India is 78.65%.
Keen to meet its near Rs 70,000 crore from disinvestment, the government is set to once again offload 10 per cent stake in public sector behemoth – Coal India Ltd.
On BSE, so far 2.85 lakh shares were traded in the counter as against average daily volume of 3.40 lakh shares in the past two weeks.
Coal India, the country’s monopoly domestic coal miner has boosted production by 10.5% in the four months ended July 31 compared with the previous year, and more than double the increase for the same period in 2014, Bloomberg reports.
Sources said the CIL stake sale proposal may be placed before the Cabinet, headed by Prime Minister Narendra Modi.
A CNBC-TV18 poll of analysts had forecast the firm to clock profit of Rs 4,040 crore on revenues of Rs 19,260 crore. It has Cabinet nod for about two dozen PSUs and is waiting for right market conditions to go ahead with the stake sale.
Meanwhile, Coal India is scheduled to announce its Q1 June 2015 results today, 12 August 2015.
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The finance ministry has invited bids from bankers to manage the sale of the government’s stake in the company as part of New Delhi’s broader disinvestment plan, which it hopes will raise as much as 695 billion rupees this fiscal year started April 1.
