India Seeks to Sell $4 Billion Stake in Biggest Share Sale
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India will sell as much as 10 percent in monopoly miner Coal India Ltd. in a public offer on Jan. 30, according to a regulatory filing.
The federal government, which owns 89.65 percent in the company, will sell a 5 percent stake, or 315.8 million shares, with an option to sell an additional 5 percent, according to the filing. At today’s closing price of 383.80 rupees, a 10 percent sale in the world’s largest coal producer will raise 242.4 billion rupees ($4 billion). The minimum price for the offer will be announced tomorrow.