Coal India Stake Sale Generates Government Revenue of INR 4,185.31 Cr.
The Indian government has successfully raised INR 4,185 crore through a stake sale of three percent in the state-owned company, Coal India.
According to a filing on the stock exchange by Coal India Limited (CIL), the government’s ownership in the coal producer has decreased to 63.13 percent following the offer-for-sale (OFS).
As reported by the Department of Investment and Public Asset Management (DIPAM) website, the government has received INR 4,185 crore through the sale of a three percent stake in Coal India.
The recent stake sale in CIL attracted oversubscription from both institutional and retail investors, indicating high demand.
In the current fiscal year, the government has raised a total of INR 4,235 crore from stake sales in public sector undertakings (PSUs). The annual disinvestment target for the government is set at INR 51,000 crore.
About Coal India:
Coal India Limited is an Indian government-owned company that operates under the Ministry of Coal, part of the Government of India. Its headquarters are located in Kolkata. As the world’s largest government-owned coal producer, it plays a significant role in the industry. Additionally, it ranks as the seventh largest employer in India, providing jobs to approximately 272,000 individuals.
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