India Said to Hire Banks for $3.2 Billion Sale in Coal Producer
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The Indian government selected banks including Kotak Mahindra Bank Ltd., Axis Bank Ltd. and JM Financial Ltd. to help arrange its sale of shares in Coal India Ltd., the world’s largest producer of the fuel, people familiar with the matter said.
ICICI Securities Ltd. and SBI Capital Markets Ltd. were also among those chosen to work on the offering, the people said, asking not to be identified as the information is private. Coal Minister Piyush Goyal said Nov. 18 the government plans to sell 10 percent of Coal India, a stake worth about 212 billion rupees ($3.2 billion) based on its share price Thursday.