India to sell 1.06 billion dollar stake in Coal India
The Indian government plans to sell a 4% stake in Coal India through an offer for sale worth 100 billion rupees. Shares fell over 2% following the news report.
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India is set to divest a 3% to 4% stake in Coal India Ltd. worth 100 billion rupees ($1.06 billion). The government held a 63.13% stake in the state-run miner as of March 31. An offer-for-sale mechanism allows large shareholders to sell equity directly through the stock exchange.
