The government sold nearly 2.91% stake in Coal India Limited (CIL) last week and raised more than Rs 3,200 crore in a subdued stock market. Since April last year, the Centre has pared around 4.82% in the state-owned company, raising about Rs 5,700 crore in this financial year.
Currently, the government’s stake stands at 66.14%. It has to reduce its holding by another 1.14% to cut its stake to the minimum public holding limit of 35% in listed firms.
Last week, the Centre sold 179.57 million shares in CIL at around Rs 177.9 a share via its central public sector enterprise exchange traded fund scheme, under which Department of Investment and Public Asset Management, along with Nippon Life India Asset Management Ltd as the asset management company of the scheme, floated its sixth further fund offer.
Source: Economic Times