The Indian government is likely to divest a 3%-4% stake worth 100 billion rupees ($1.06 billion) in state-run miner Coal India via the offer-for-sale route, broadcaster CNBC-TV18 reported on Thursday, citing sources.
The government is likely to offer the shares at a discount to the current market price, the report said.
Shares of Coal India fell as much as 2.55% following the report.
The Indian government held a 63.13% stake in Coal India as of March 31, according to LSEG data.
An offer for sale allows promoters, or large shareholders, of listed companies to sell shares through the stock exchange.
Coal India and India’s finance ministry did not immediately respond to Reuters requests for comment.
Source: Reuters.com